Sensex drops over 250 points, Nifty slips below 25,200 as Ola Electric sinks

Indian equities gave back some of their recent gains on Friday morning. The Sensex fell more than 250 points and the Nifty slipped below 25,200. GIFT Nifty on the NSE IX was already flashing red before the open, trading 44 points, or 0.17%, lower at 25,257.

The selling was broad, with auto, financial services, banking, realty and cement stocks leading the slide as rate-sensitive and cyclical names took the heat. Pharma, healthcare and mid-and-small healthcare indices bucked the trend. Elevated crude prices and inflationary pressure are sapping sentiment despite continued foreign inflows, and traders are keeping an eye on Vodafone Idea, Mahindra & Mahindra, IRCTC, Oil India and Zee Entertainment. Globally, US stocks closed lower Thursday as a slide in Nvidia shares overshadowed energy gains, while Asian stocks edged higher.

Ola Electric was the morning's biggest casualty, dropping more than 6% to Rs 33.48 on the NSE. Its September-quarter revenue fell by 39% year-on-year, landing at Rs 421 crore, even as the consolidated net loss narrowed to Rs 362 crore. On a sequential basis, revenue declined 7.5% and losses widened.

Index provider MSCI added four Indian stocks to its Emerging Markets Standard Index in its November 2026 review: LIC, Coforge, Adani Green Energy and Meesho. PI Industries got the boot. The changes kick in on November 30, and Nuvama expects Coforge to draw about $630 million in passive inflows, with LIC at $468 million, Adani Green Energy at $348 million and Meesho at $307 million. PI Industries' removal could trigger outflows of roughly $119 million.

The money flow has flipped. Foreign investors, consistent net sellers for months, have pumped more than ₹75,000 crore into Indian equities in November. Domestic institutions — mutual funds, banks, insurers and retirement funds — have turned net sellers for nine consecutive sessions, their longest selling streak in four years, cashing in on patient accumulation as benchmarks ran hot.

Life insurers had a strong October: new business premium climbed 26% year-on-year, reaching ₹42,914 crore, up from ₹34,007 crore a year earlier, powered by group business. Retail annualised premium equivalent grew just 5.2%, now at an estimated ₹9,753 crore, and individual policy sales slipped 3.7%. Meanwhile Blackstone is arranging a $200 million loan to refinance a 2022 facility that bankrolled its majority stake in Mumbai-based ASK Investment Managers, with the five-year loan launched for co-syndication at an all-in yield of about 300 basis points over SOFR, or roughly 7%, according to people familiar with the transaction.