Stock Market Today: Nifty, Sensex Plunge Amid Broad Sell-Off, Metal Stocks Lead The Decline

State Bank of India and TCS were among the top losers on the BSE Sensex, while gainers were Tata Motors, Tech M, JSW Steel, Sun Pharma and Asian Paints

The key benchmark indices, Nifty and Sensex, ended the trading session on Thursday in the red zone as a broad market sell-off intensified. While most sectors struggled, metal stocks were particularly hard-hit. Investor sentiment turned cautious ahead of the US Federal Reserve's upcoming interest rate decision. The decline followed a rally the previous day, sparked by Donald Trump's presidential nomination.

At the time of trading close, the Sensex was down by 836.34 points or 1.04 per cent, finishing at 79,541.79, while the Nifty dropped 284.70 points or 1.16 per cent, closing at 24,199.30. Advancing stocks numbered 1,733, while 2,057 stocks declined, and 93 remained unchanged.

State Bank of India and TCS were among the top losers on the BSE Sensex, while gainers were Tata Motors, Tech M, JSW Steel, Sun Pharma and Asian Paints.

The broader markets reflected a similar weak trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices falling 0.7 per cent and 0.5 per cent, respectively. However, the broader markets have still gained nearly 25 per cent since the start of the year, comfortably outperforming the Nifty's 13 per cent gain. The VIX (Volatility Index) rose by 0.5 per cent, hovering around the 15 level.

Amid the broader market decline, Apollo Hospitals stood out as the only gainer in the Nifty, with a sharp rise in its stock price. The surge followed a strong earnings report, with the company’s consolidated net profit jumping 59 per cent to Rs 395.7 crore in the September quarter, up from Rs 248.8 crore in the same period last year. Revenue also grew by over 15 per cent to Rs 5,589.3 crore, compared to Rs 4,846.9 crore in the previous year.

V K Vijayakumar of Geojit Financial Services commented that a Trump presidency, supported by a Republican Congress, could lead to significant changes, including pro-business policies and potentially higher tariffs. While Trump’s "America First" approach could stimulate the US economy, the increase in tariffs, particularly on imports from China and other countries, might drive inflation. This could influence Federal Reserve policy and negatively affect global markets. Although India could benefit from anti-China measures, Trump's stance on Indian tariffs could pose some challenges. Given this uncertainty, Vijayakumar advises investors to focus on high-quality stocks that weather the volatility.

Among the notable losers, Hindalco took a significant hit, plunging nearly 9 per cent after its US-based subsidiary, Novelis Inc, reported a drop in net income for the July-September quarter. Novelis, a leading aluminium producer, posted an 18 per cent decline in net income, falling to $128 million for the September quarter of 2024-25.

Sector-wise, the Nifty Metal index was the hardest hit, dropping almost 3 per cent. The sharp declines in Hindalco and Adani Enterprises weighed heavily on sentiment within the sector. Other sectors also faced losses, with Nifty Energy, Infrastructure, Auto, Pharma, Healthcare, Realty, and IT closing more than 1 per cent lower.