Stock Market Today: Nifty, Sensex End At Nearly Two-And-A-Half Month Low As IndusInd Bank Slumps 19%
The Nifty ended 0.90% or 218.60 points down at 24180.80 and Sensex fell 0.83% or 662.87 points to close at 79402.29. Intraday, Nifty fell as much as 1.3% and Sensex fell as much as 1.2%.
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KEY HIGHLIGHTS
US Futures Advance
The S&P 500 futures rose 0.24% to 5,862.75 and the Nasdaq 100 futures rose 0.26% to 20,434.00 as of 3:30 p.m. The Dow Jones Industrial Average rose 0.21% to 42,695.00.
Economic Data, Events Later Friday
US: Core Durable Goods Orders m/m
US: Durable Goods Orders m/m
US: Revised University of Michigan Consumer Sentiment
US: Revised University of Michigan Inflation Expectations
US: FOMC Member Collins Speaks
Nifty, Sensex End At Nearly Two-And-A Half Months Low As IndusInd Bank Slumps 19%: Closing Bell
Benchmark equity indices fell in fourth consecutive week, their longest streak in since five weeks ended August 24. On a daily basis, they continued their downtrend for fifth session with the Nifty 50 and the Sensex recording a fresh since August 14.
The Nifty ended 0.90% or 218.60 points down at 24180.80 and Sensex fell 0.83% or 662.87 points to close at 79402.29. Intraday, Nifty fell as much as 1.3% and Sensex fell as much as 1.2%.
The sentiment was dampened amid quarterly earnings announcements and as FIIs continued to sell. On Thursday, FIIs had net sold shares worth Rs 5,062.4 crore, according to Cogencis.
"Investors should avoid overexposure to high P/E stocks, as earnings miss or lack of positive surprises could trigger further corrections," according to Krishna Appala, Sr. Research Analyst, Capitalmind Research.
He noted that FIIs continue to sell aggressively, offloading ₹97,000 Cr in October alone. "This ongoing selling pressure, combined with earnings downgrades, is cooling off market valuations," he said. "For investors, this may present an opportunity to gradually accumulate high-conviction stocks as the market works through this correction phase.”
On Friday, Nifty's fall was led by the fall in IndusInd Bank's share price, which saw biggest fall since March 2020 after reporting weaker than expected results.
Shares of IndusInd Bank Ltd., Larsen & Toubro Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., and NTPC Ltd. contributed the most to the fall.
Those of ITC Ltd., Axis Bank Ltd., ICICI Bank Ltd., Hindustan Unilever Ltd., and Bharat Electronics Ltd. capped the downside.
Market breadth was skewed in favour of sellers. Around 3,087 stocks declined, 856 stocks advanced, and 78 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.48% and 2.44% lower, respectively.
On BSE, 19 sectors declined, and one advanced out of 20. The BSE Services was the worst performing sector, and the BSE FMCG was the top performing sectors.
Weekly Performance
On a weekly basis, Nifty ended 2.7% lower and Sensex lost 2.2%. All sectoral indices ended lower with Nifty Realty and Nifty Metal losing the most.
Rupee Closes Flat Against Dollar
-Rupee depreciated by 1 paisa to close at 84.081 against the US dollar.
-It closed at 84.077 on Thursday.
Source: Bloomberg
Markets At Close
Nifty and Sensex fell in fourth consecutive week, their longest streak in since five weeks ended August 24.
Nifty and Sensex end lower for a fifth consecutive session
Nifty and Sensex recorded their lowest close since August 14
Nifty ends 0.90% or 218.60 points down at 24180.80
Sensex ends 0.83% or 662.87 points lower at 79402.29
Intraday, Nifty fell as much as 1.3% and Sensex fell as much as 1.2%
Broader indices underperformed; Nifty Midcap 100 ended 1.9% down and Nifty Smallcap 250 closed 2.28% lower
All sectoral indices ended lower except Nifty Pharma
ITC and Axis Bank were top Nifty gainers
IndusInd Bank and Adani Enterprises fell the most
