Top Gainers & Losers on Nov 21: Jaiprakash Power, Hindustan Copper, GMDC, Mazagon Dock, NALCO among top losers

Reversing its bullish run, the Indian stock market tumbled in Friday’s session on November 21, as broad-based selling dragged the key indices down by over 0.40%. Much of the pressure came from metal stocks, as hopes of a US Federal Reserve rate cut weakened following stronger-than-expected US job growth for September.

Banking stocks also came under profit booking, while realty stocks extended their losing streak, leaving the Nifty 50 to close with a 0.40% decline at 26,078 points, further widening the distance from its previous record high

The S&P BSE Sensex lost 0.47% to settle at 85,243. Though both indices ended the day with sharp cuts, they still managed to close the week higher with gains of over 0.60%, marking their second consecutive week in the green.

The Nifty Midcap 100 and Nifty Smallcap 100 also closed with deeper cuts of over 1%, and for the week, both indices ended with losses of up to 2.24%.

Expectations of a December Fed rate cut weakened after delayed data showed September nonfarm payrolls rose 119,000, well above forecasts, while unemployment climbed to a four-year high of 4.4%.

Fed funds futures now assign less than a 40% chance of another cut this year, with Fed Governor Michael Barr stressing caution as inflation remains elevated.

As this was the final jobs report before the December FOMC meeting, markets now expect the Fed to hold rates steady, especially amid uncertainty from the US government shutdown.

Minutes from the October meeting also showed policymakers were wary that further rate cuts could entrench inflation and erode public trust.

Broad-based pressure grips midcaps and smallcaps; metals lead sectoral declines

Jaiprakash Power Ventures led the losers’ list today as investors booked profits after a recent rally, dragging the stock down 7.53% to ₹20 apiece. Meanwhile, 11 out of 15 constituents of the Nifty Metal index ended with deeper cuts of over 2% as the steady rise in the US Dollar Index triggered a fall in base metal prices.

Hindustan Copper crashed 4.1% to ₹313.6 apiece, followed by Lloyds Metals & Energy, SAIL, and Hindustan Zinc, all closing with losses of over 3%. Other stocks such as JSW Steel, Vedanta, Hindalco Industries, NALCO, Jindal Steel, Tata Steel, Jindal Stainless, and Welspun Corp also closed lower by over 2%.

Olectra Greentech shares tumbled another 4.21% to ₹1,330, marking the lowest level since July 2025, while those of Bharti Hexacom, GMDC, Syrma SGS Technology, AIA Engineering, JSW Energy, Tube Investments of India, Blue Jet Healthcare, and Netweb Technologies closed with cuts of over 4%.

After a sustained run, Hitachi Energy India shares came under pressure, with the stock dropping 4% to ₹21,563 apiece, while Force Motors extended its losing streak to the second straight day, falling 3.5% to ₹16,901 apiece.

Shipbuilding stocks, including Garden Reach Shipbuilders and Mazagon Dock Shipbuilders, also declined, losing 3.6% and 3%, respectively.