Stock Market Today: Sensex Closes Below 80,000 After Two-Day Rally; Nifty Settles At 24,350
The Nifty 50 and Sensex Wednesday's session 0.48% and 0.53% down, respectively.
The image is for representation. (Photo source: Envato)
KEY HIGHLIGHTS
US Pre–Market: Futures Little Changed Ahead Of Third Quarter GDP Data
As of 3:42 p.m., futures contract of Dow Jones was flat at 42,455.00, that of S&P 500 was 0.2% higher at 5,880.25, and Nasdaq 100 rose 0.1% to 20,721.75.
Economic Data Releases And Events For Oct 30
Europe: Prelimianry Flash GDP — 3:30 p.m. IST
US: ADP Non–Farm Employment Change — 5:45 p.m. IST
US: Advance July–September GDP Estimates — 6:00 p.m. IST
US: Advance GDP Price Index — 6:00 p.m. IST
US: Pending Home Sales — 7:30 p.m. IST
Germany: Deutsche Bundesbank President Joachim Nagel will give a speech at the Frankfurt Society for Trade, Industry, and Science — 11:30 p.m. IST
Sensex, Nifty Resume Declines After Two-Day Rally; Cipla Falls Over 4%: Market Wrap
The NSE Nifty 50 and BSE Sensex resumed decline after two–day rally amid a jump in the market volatility as Infosys Ltd. and ICICI Bank Ltd. share prices declined. The NSE India Volatility index ended at the highest level since Aug 13.
The Nifty 50 ended 126.00 points or 0.51% down at 24,340.85, and the Sensex ended 426.85 points or 0.53% down at 79,942.18.
Moreover, a decline in Asian share indices and Europe markets also pressured the Indian benchmarks as investors across the world await Gross Domestic Product data from Europe and the US.
During the session, the Nifty 50 declined 0.65% to 24,307.30, and the Sensex declined 0.68% to 79,821.99.
The India Volatility index jumped 8.16% to 15.70, the highest level since Aug 14. The index ended 6.85% higher at 15.51.
Cipla Ltd. share price ended over 4% lower on Wednesday as analysts cut target price, citing weaker than expected domestic business and challenges in its key products.
The Sensex settled 0.53% down at 79,9942.18
The Nifty 50 ended 0.48% down at 24,350.30.
"On daily charts, the index has formed small candle which suggests indecisiveness between the bulls and the bears . We are of the view that, currently market is witnessing range bound activity hence buying on dips and sell on rallies would be the ideal strategy. For traders, 24,250-24,200/79,700-79,500 would act as a key supports zones while 24,500-24,550/80,400-80,600 could act as key resistance areas for the bulls. However, below 24,200/79,500 uptrend would be vulnerable," said Shrikant Chouhan, head, equity research, Kotak Securities.
The Nifty Bank ended 0.90% down at 51,850.00
Infosys Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Mahindra & Mahindra Ltd. weighed on the Nifty 50 index.
ITC Ltd., Maruti Suzuki India Ltd., Larsen & Toubro Ltd., Adani Enterprises Ltd., and Hero MotoCorp Ltd. added to the index.
Top contribution to the Nifty 50 index.
On NSE, eight sectors ended lower, three advanced, and one remained largely flat out of 12. The NSE Nifty Finance declined the most, and the Nifty Media rose the most.
Most sectoral indices ended lower.
Broader indices outperformed with BSE Midcap ended flat and BSE Smallcap ended 1.5% higher.
Four of 20 sectoral indices on the BSE ended lower and 16 rose. BSE Services rose the most.
Market breadth was skewed in the favour of buyers. As many as 2,892 stocks rose, 1,040 stocks fell, and 79 remained unchanged on 79 remained unchanged on the BSE.
Rupee Closes Flat Against US Dollar
The local currency closed flat against the US dollar at 84.0800 on Wednesday. It's the rupee's record closing low level, which the currency first posted on Oct 23
On Tuesday, the Indian unit closed at 84.0750 a dollar, according to data on Cogencis
India rupee settled flat against the US dollar.
Market At Close
The NSE Nifty 50 and BSE Sensex reversed recovery on Wednesday as volatility spiked.
ICICI Bank Ltd. and Infosys Ltd. share prices were top losers in the Nifty 50 index.
ITC Ltd., and Maruti Suzuki India Ltd. share prices were top gainers in the Nifty 50 index.
The NSE Nifty Media rose the most while the NSE Nifty Finance declined the most.
The Nifty Midcap 150 ended 0.21% higher at 20,190.75.
The Nifty Smallcap 250 ended 1.19% higher at 17,483.80.
