Indian Market Continues to Struggle on Tuesday

26 Sep 2023 , 01:29 PM

In the afternoon trade on September 26, the Indian market continued to exhibit a lackluster performance, primarily influenced by several factors. Notably, US bond yields surged to a fresh 16-year high, the dollar index reached a 10-month peak, and Asian market cues remained weak. However, the market managed to find support from strong buying activity in the automobile and metal sectors.

As of 1 PM, the Sensex registered a decline of 141.19 points, equivalent to a 0.21% decrease, settling at 65,882.50. Simultaneously, the Nifty witnessed a dip of 32.50 points, representing a 0.17% decrease, bringing it to 19,642. In terms of market breadth, 1570 stocks advanced, 1497 declined, and 87 remained unchanged.

In the sectoral landscape, FMCG, metals, automobiles, energy, infrastructure, PSU banks, and pharmaceuticals recorded gains ranging from 0.1 to 0.8%. However, the banking and information technology sectors remained under pressure.

In the broader market segments, the Nifty Smallcap 100 displayed a 0.7% increase, while the Nifty Midcap 100 recorded a 0.3% uptick.

On the previous trading day, foreign institutional investors (FIIs) were net sellers, offloading shares worth 23.33 billion rupees. In contrast, domestic investors exhibited buying interest, acquiring shares worth 15.79 billion rupees, as per provisional exchange data.

The market’s performance reflects the influence of both domestic and international factors, with investors closely monitoring developments in bond yields, currency markets, and global cues.