Benchmark indices Nifty and Sensex fell further from the opening bell on November 7, snapping a two-day winning streak as all sectors tanked in the red. Investors turned cautious ahead of the US Fed’s interest rate decision. The decline followed a sluggish market opening and came just a day after Donald Trump was elected president.

At noon, the Sensex was down 884.55 points or 1.10 percent at 79,493.58, and the Nifty was down 285.80 points or 1.17 percent at 24,198.20. About 1614 shares advanced, 1664 shares declined, and 111 shares unchanged.

The broader markets showcased a mixed trend, as the midcap index slipped 0.3 percent while the smallcap index outperformed and gained, albeit marginally. Despite this dip, broader markets have surged nearly 25 percent since the start of the year, outperforming the Nifty's 13 percent gain. Meanwhile, the volatility index (VIX) rose over 2 percent, climbing above the 15 mark.

Sectoral Trend

All sectors plunged in the red with the Nifty Auto, IT, Pharma, and Metal being the worst hit, tanking up to 2 percent. Stocks like Hindalco Vedanta and Adani Enterprises dragged the Metal index lower. Nifty Bank, Realty, and Healthcare also traded in the red by 1 percent each.

Fundamental View

V K Vijayakumar, Chief Investment Strategist says that Trump's presidency, backed by a Republican Congress, could bring significant changes, including pro-business policies and higher tariffs. While "America First" may boost the U.S. economy, tariffs on imports from China and others could drive inflation, impacting Fed policy and potentially hurting global markets. Although India may benefit from anti-China policies, Trump's stance on Indian tariffs could pose challenges. Amid this uncertainty, investors should focus on quality stocks.

Technical View

"If Nifty sustains above the 24,500 mark, we could see further upside momentum, with targets around 25,000 and a key resistance at 25,400. On the downside, immediate support lies at 24,000 and 23,800, offering a buying-on-dip opportunity for long positions," Mandar Bhojane of Choice Broking said. "Bank Nifty has shown strength by holding above the 52,300 level. Immediate resistance levels are positioned at 52,600 and 52,800. On the flip side, support is seen at 52,200. Overall, the banking sector remains in a bullish trend," he added.

Key Nifty Gainers

Apollo Hospitals, Tata Steel, and HDFC Life

Key Nifty Losers

Hindalco, Adani Enterprises, and Shriram Finance

Key Sensex Losers

Tech Mahindra, UltraTech Cement, and Power Grid Corp

Stock Moves

Waaree Energies: Following a stellar debut on the bourses and sustained buying thereafter which resulted in a massive 150 percent gain from its issue price, the Waaree Energies stock slipped into the red on November 7, falling as much as 8 percent to Rs 3,354 as investors took partial profits off the table. This comes just a day after the solar power stock rallied 8 percent, propelling its market capitalization to Rs 1,03,779.62 crore.

Hindalco: Shares tumbled over six percent during the early session after its US-based subsidiary Novelis Inc. reported a fall in net income for the July-September quarter. The US-based aluminum producer posted an 18 percent decline in net income to $128 million in the September quarter of 2024-25.

Apollo Hospitals: Shares climbed over 6 percent and hit a record high of Rs 7,433.65 on November 7 as investors cheered for the company's stellar earnings report for the July-September quarter. The healthcare services major's consolidated net profit surged 59 percent to Rs 395.70 crore in the September quarter.