The Indian stock market closed in negative territory on Friday, November 18. Banking stocks were under pressure, while the machine-building and pharmaceutical sectors outperformed the broader market.
Investors are advised to watch for weekly foreign currency reserves, which are due out today.
By the close, the Nifty 50 ticked down 0.07% to 8,074.10, while the BSE Sensex 30 eased 0.3% to 26,150.24.
The Nifty 50 advancers were led by NTPC and Eicher Motors, surging 4.41% and 3.47%, respectively. On the other side of the spectrum, Zee Entertainment and Asian Paints sank 2.83% and 2.01%, respectively.
The BSE Sensex 30 gainers included NTPC and Sun Pharmaceutical Industries, advancing 4.58% and 2.62%, respectively. Among the decliners, Tata Steel and ITC slid 2% and 1.92%, respectively.
On the currency market, the USD/INR pair firmed 0.23% to 68.215, and EUR/INR was added 0.20% to 72.42. The 10-year bond yield reached 6.427%.
Pharmaceutical stocks were well bid. Thus, Sun Pharmaceutical Industries and Aurobindo Pharma picked up over 2%.
Banking names underperformed, with ICICI Bank and State Bank of India retreating more than 0.6%.
Deepak Fertilisers tanked 6.85% after reporting lower quarterly net profit.
HPL Electric & Power plummeted 19.98% after net profit slumped by 74% in the quarter ending September 30.
From a technical standpoint, a falling trend towards 26,000 is forming on the BSE Sensex 30 chart. Stochastic lines are sell-friendly, so the benchmark still holds downside potential.