The stock market witnessed volatility on November 2 following selling pressure. Banking-financial stocks were the main losers. The Nifty was down 120 points during the trade. At the same time, the Nifty was able to close with gains after recovering from lower levels.

The Sensex was down 37 points while the Nifty was up four points. The Sensex ended at 44618.04 points and the Nifty closed at 13113.80 points. Nifty Metal and Real Estate Indices gained 3 per cent. Similarly, the Nifty Bank Index fell 1.09 per cent.

The Nifty Metal Index, which continues to outperform the Nifty, rose 2.56 per cent. The Nifty Metal Index touched a 52-week high today. Factors such as the expectation of improving demand, the recovery of the global economy, and the conclusion that China’s investment in infrastructure development will benefit the metal industry are behind the rise in metal stocks.

Shares of Tata Steel, JSW Steel and Hindalco rose more than 3 per cent. National Aluminum gained 8.6 per cent during the week.

The majority of Nifty stocks traded higher today. Out of the 50 stocks in the Nifty, 36 gained while 14 lost. Gail, ONGC, Asian Paints, Coal India and Titan are the top five gainers in the Nifty.

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The Sensex fell below 37,000 points following a sharp fall. The Sensex ended at 36.553 points. The Nifty closed at 10,805. The market, which opened with a loss, continued to decline sharply since then. The Nifty fell nearly 1,000 points from its highs in August.

Most of the index-based stocks were down on the day. Forty-seven stocks in the Nifty declined while only three stocks rose. Nifty stocks that registered gains were Infratel, Zee Limited and Hindustan Unilever.

IndusInd Bank, Tata Motors, Bajaj Finance, Grasim Industries and TCS were the biggest losers in the Nifty. IndusInd Bank fell 7.45 per cent. Tata Motors, Bajaj Finance, Grasim Industries and TCS were down more than 5 per cent.

IT and metal stocks were the biggest losers. The Nifty IT index was down 4.20 per cent and the Nifty metal index was down 4.24 per cent. Sales pressure was also strong in the banking, auto and pharma sectors. The Nifty Bank Index was down 3.41 per cent, the Nifty Auto Index was down 3.54 per cent and the Nifty IT Index was down 3.04 per cent.

IT stocks TCS and Tech Mahindra fell more than 5 per cent. Metal stocks such as Jindal Steel, NMDC, National Aluminum and SAIL also fell more than 50 per cent. Shares of IndusInd Bank, RBL Bank and Federal Bank also lost over 5 per cent.

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Thirty-five Nifty stocks rose while 15 stocks declined. Bharti Airtel, JSW Steel, Hindalco, Asian Paints and Bajaj Finance were the top five gainers in the Nifty. Bharti Airtel rose 7.11%. Shares of JSW Steel, Hindalco, Asian Paints, Bajaj Finance, NTPC and Tata Steel gained over 4%.

The Supreme Court ruling on the payment of AGR arrears by telecom companies has created a mixed reaction among stocks in the sector. Shares of Bharti Airtel rose 70 per cent, while Vodafone Idea fell more than 12 per cent.

The September 1 verdict was eagerly awaited one of the Supreme Court. The Supreme Court has allowed telecom companies 10 years to pay AGR arrears. This deadline will start on April 1, 2021. The court also ordered that 10 per cent of the amount be paid by March 31. The telecom companies had asked the Supreme Court to allow them 15 years. The verdict has generated a positive response in the market in general.

Metal stocks performed the best on September 1. The Nifty Metal Index was up 3.15 per cent. Shares of JSW Steel, Jindal Steel, Hindalco, Tata Steel, SAIL and National Aluminum rose over 40 per cent. The Nifty Pharma index was up 2.34 per cent and the Nifty FMCG was up 1.28 per cent. Leading pharma stocks Biocon gained 7.63%.

Infratel, ONGC, Axis Bank, Adani Ports and Infosys were the biggest losers in the Nifty.

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