Stock Market Today: Nifty, Sensex Clock Worst Fall In Nearly Two Months As RIL, HDFC Bank Weigh
The Nifty 50 and Sensex recorded their worst fall in nearly two months as Reliance Industries Ltd., and HDFC Bank Ltd. dragged. The indices fell for four consecutive sessions.
The image is for representation. (Photo source: Freepik)
KEY HIGHLIGHTS
NDTV Profit Exclusive: Trading Volumes Could Drop Up To 50% As SEBI Regulations Kick In
Stock Market Live: Know Five Reasons For Thursday's Plunge
Stock Market Live: Indian Markets' Volatility Increases Further
Asia Market Update: Japan Markets Close Higher As Yen Weakens On Ishiba's Dovish Remarks
European Market Update: Stocks Slid On Risk-Off Sentiment After Tension Rises In Middle East
US Futures Decline On Middle East Tension With US Jobless Data In focus
December futures contract of Dow Jones traded 0.4% lower at 42,363.00 as of 3:30 pm when futures contract of S&P 500 was down 0.3% at 5,742.5 and that of Nasdaq 100 was 0.4% lower at 19,928.50.
Economic Data Releases & Events October 3
US: Weekly Jobless Claims — 6:00 p.m. IST
US: Final Services PMI — 7:15 p.m. IST
US: ISM Services PMI — 7:30 p.m. IST
US: Factory Orders — 7:30 p.m. IST
US: Federal Reserve Bank of Kansas City President Jeffrey Schmid speaks at opening of the Community Banking Research Conference hosted by the Federal Reserve Bank of St. Louis — 7:30 p.m. IST
US: Weekly Energy Information Administration Natural Gas Storage — 8:00 p.m. IST
US: Federal Reserve Bank of Atlanta President Raphael Bostic speaks at the Institute Research Conference hosted by the Federal Reserve Bank of Minneapolis — 8:10 p.m.
Nifty, Sensex Clock Worst Fall In Nearly Two Months On Weak Global Cues, Middle-East Tensions: Market Wrap
The NSE Nifty 50 and BSE Sensex had their worst session Thursday since Aug 5 as the Securities Exchange Board unveiled curbs on Futures & Options trading, which dented risk appetite of investors. Heavyweights Reliance Industries Ltd., HDFC Bank Ltd. dragged the NSE Nifty 50 index.
Moreover, rise in safe-haven assets like the US treasury yields, and the dollar index in the wake of geopolitical tension in the Middle East pressured risky assets like emerging markets' stocks.
The Nifty 50 ended 546.80 points or 2.12% lower at 25,250.10, and the Sensex ended 1,769.19 points or 2.10% down at 82,497.10.
The Nifty 50 index declined 2.20% to 25,230.30, and the Sensex fell 2.17% to 82,434.02.
One reason behind today's fall is money is shifting from India to China after it announced measures to stimulate the struggling country. This helped Chinese markets rally. Investors are catching up weightage gap between India and China, said Vaibhav Sanghavi, CEO, ASK Hedge Solution.
Secondly, from fundamental perspective, earnings are likely to be weaker than expected for second quarter. Sanghavi said.
" With a strong bearish candle, the Index has given a breakdown from the series of higher top higher bottom formation which indicates trend reversal but on the lower timeframe i.e. hourly chart, overall markets seem extremely oversold and a pullback rally is warranted. Now, the next critical support is placed at the psychological support of 25,000 coupled with 50DMA while on the higher side, 25,550-25,600 will work as a resistance zone," said Aditya Gaggar, director, Progressive Shares.
Reliance Industries Ltd., HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., and Axis Bank bank Ltd. weighed on the index.
JSW Steel Ltd., Oil and Natural Gas Corp limited losses in the index.
On NSE, all 12 sectors ended lower with the NSE Nifty Realty declining the most. The NSE Nifty Pharma was the top performing sector with least gain.
Broader indices mirrored the benchmarks. BSE Midcap closed 2.27% lower and BSE Smallcap ended 1.84% down.
All sectoral indices closed lower and BSE Realty was the top loser.
Market breadth was skewed in the favour of sellers. As many as 2,864 stocks fell, 1,120 rose, and 92 remained unchanged on the BSE.
Rupee Weakens Against US Dollar
Rupee weakened by 15 paise to close at 83.97 against the US dollar. It closed at 83.82 on Tuesday, according to data on Bloomberg.
Market At Close
The NSE Nifty 50 and BSE Sensex recorded their worst intraday loss Thursday since Aug 5.
Reliance Industries Ltd. and HDFC Bank Ltd. were top loser in the index.
The NSE Nifty Realty was the top losing sector as DLF Ltd., and Godrej Properties dragged.
The Nifty Pharma was the top performer in today's session with least decline. The index ended 0.51% lower at 23,178.75.
The NSE Nifty Midcap 150 ended 2.12% lower at 21,904.70.
The NSE Nifty Smallcap 250 ended1.90% lower at 18,179.20.
