Indian equities closed lower on Tuesday, November 18, breaking a six-session winning run as heavy selling in metal and technology counters weighed on sentiment. Both major benchmarks slipped more than 0.40%, with only a few large-cap stocks offering limited support that couldn’t offset the broader weakness.
A sharp uptick in the US Dollar Index prompted profit booking across metals and tech, pulling the Nifty 50 down 0.47% to 25,892. The S&P BSE Sensex also retreated, losing 0.38% to end at 86,625. Losses were deeper in the broader market, where the Nifty Midcap 100 dropped 0.60% and the Nifty Smallcap 100 declined over 1%.
Global cues also turned negative as optimism about a potential Federal Reserve rate cut next month faded. Investors grew cautious ahead of key U.S. economic reports scheduled for release this week—data that had been delayed due to the recently concluded U.S. government shutdown. With policymakers lacking crucial indicators, expectations for a December rate cut weakened further after additional Fed officials voiced restraint. Markets now await several deferred U.S. releases, including September employment data and minutes from the Fed’s latest meeting, in which rates were lowered by 25 basis points.
