Sensex, Nifty take a hard fall on Black Monday

Updated: Oct 23rd, 2023

Market (img: Envato Elements)

BSE Sensex went down sharply by 825.74 points or 1.26% to close at 64,571.88 points today.

Metal stocks suffered the losses with JSW Steel and Tata Steel down more than 1.5%. Whereas TCS, Indusind Bank, and Tata Motors were also down more than 1.7%.

Small cap stocks which have been the outperformers of this year’s market rally came under selling pressure today.

BSE Small Cap Index is one of the biggest losers in trade, down 3.7%. BSE 250 Small Cap Index is down 2.2%.

Domestic equities came under pressure today amid global turmoil, witnessing broad base selling. 26 out of 30 stocks of Sensex went down, whereas 48 of the Nifty 50 stocks saw red.

Nifty nosedived 261 points (-1%) to close at a three-month low of 19,281.75, said Siddhartha Khemka, head of retail research at a private asset management company.

Broader markets declined sharply with Nifty mid-cap 100 and small-cap 100 down 2.7% and 3.6%, respectively. Among sectors, metals, PSU bank and realty were the top losers, down 2-3% each, Khemka said.

Effects of the Israel Hamas conflict

Fear of regional conflict in West Asia and worries over more rate hikes by the US Fed for an extended period were the major cause of concern in the market. Even the earning season has been mixed so far, thus not providing resilience to the market, he added.

Nifty, taking cues from the global market, concluded the day on a negative note with the majority of sectoral indices also doing so.

The Nifty PSU Bank, Nifty Metal and Nifty Reality were the top beaten down sectors, down by 3.77%, 3.26% and 2.49%, respectively, said Vaibhav Vidwani, a research analyst.

The tensions in West Asia heightened market volatility, adding to the unpredictability that stressed the global market and affected the yield on the benchmark 10-year US Treasury note, which surged above 5% today, passing the landmark reached in July 2007.

Even though oil prices fell today, they stayed over the $90 threshold at $91.92 a barrel, while Brent crude futures dropped 24 cents, or 0.26%, Vidwani said.

LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports, and UPL were among Nifty’s worst losers, while M&M and Bajaj Finance were among its biggest gainers.

(Source: IANS)

-Edited for style

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