Stock Market Today: Nifty, Sensex Extend Losses To End At Two–Month Low As RIL, HDFC Bank Drag

The S&P 500 Futures was 0.52% down at 5,866.75 and Dow Jones Industrial Average futures fell 0.49% down at 42,968.00 as of 3:38 p.m. IST. The Nasdaq 100 futures was 0.61% down at 20,395.50 as of 3:39 p.m. IST.

• UK: Bank of England Governor Andrew Bailey will speak at the Bloomberg Global Regulatory Forum, in New York — 6:55 p.m. IST

• UK: External BOE MPC Member Megan Greene will speak at the Atlantic Council's converstations, the IMF and the World Bank Group annual meetings in Washington DC — 7:15 p.m. IST

• US: Federal Reserve Bank of Philadelphia President Patrick Harker will speak at the Annual Fintech Conference — 7:30 p.m. IST 

• US: ​Richmond Manufacturing Index — 7:30 p.m. IST 

The NSE Nifty 50 and BSE Sensex closed at the lowest level in over two months on Tuesday as heavyweights Reliance Industries Ltd. and HDFC Bank Ltd. share prices dragged. Broad–based weakness in US stocks, Asian and European shares due to concern about the pace of unwinding of monetary conditions in the US also seeped into Indian markets.

The Nifty 50 ended 1.25% down at 24,472.10 and the Sensex ended 1.15% down at 80,220.72, the lowest level since Aug 14.

During the last leg of the trade, the Nifty 50 fell as much as 1.35% to 24,45.80, and the Sensex fell 1.23% to a low of 80,149.53.

Mayhem continued in the Mid and Smallcap segments which led to a freefall across the board and without any pullback move, the Index compounded its losses throughout the day to end the trade at 24,472.10 with a loss of 309 points, said Aditya Gaggar, director, Progressive Shares. All the sectors ended in the red where PSU Banks and Realty were the major laggards. The weak link of the markets i.e. Mid and Smallcaps tumbled by 2.61% & 3.92% and underperformed the Frontline Index. In the series of lower highs and lower lows, the Index has made another bearish candle, indicating the tightening of the bear's grip. Considering the oversold conditions in the Mid and Smallcap segments, a short-term bounce can be expected in the markets which may push the Index higher but the upside seems to be capped at 24,670, while on the flip side, the Index is close to its support zone of 24,370-24,430, Gaggar added.

Reliance Industries Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Larsen & Toubro Ltd., and State Bank of India shares weighed on the index.

ICICI Bank Ltd., Infosys Ltd., and Nestle India Ltd. share prices added to the index.

All 12 sectors ended lower on NSE. The NSE Nifty PSU Bank declined the most while the NSE Nifty FMCG declined the least.

Broader indices underperformed. BSE Midcap ended 2.5% lower and BSE Smallcap closed 3.8% down.

All 20 sectoral indices on the BSE ended lower. BSE Metal fell the most.

Market breadth was skewed in the favour of sellers. As many as 3,407 stocks fell, 576 rose, and 76 were unchanged on the BSE.

The rupee closed flat at 84.076 against the US dollar. It closed at 84.066 on Monday, according to data on Bloomberg.

• The NSE Nifty 50 and BSE Sensex closed at the lowest level since Aug 14

• During the last leg of the trade, the Nifty 50 fell as much as 1.35% to 24,45.80, and the Sensex fell 1.23% to a low of 80,149.53.

• The India NSE Volatility Index rose 5.14% to 14.47, the highest level since Oct 19. It closed 4.21% higher at 14.34.

• Reliance Industries Ltd., HDFC Bank Ltd., and Mahindra & Mahindra Ltd. were top laggards in the Nifty 50 index.

• ICICI Bank Ltd., Nestle India Ltd. were top leaders in the Nifty 50 index.

• The NSE Nifty PSU Bank declined the most while the NSE Nifty FMCG declined the least.

• The NSE Nifty Midcap 150 ended 2.57% down at 20,879.45.

• The NSE Nifty Smallcap 250 ended 5.27% down at 17,275.70.