Indian Markets Extend Losses: Nifty Dips Below 19,450, Sensex Falls 286 Points

4 Oct 2023 , 03:42 PM

On October 4, benchmark indices extended their losses for the second consecutive session, with the Nifty closing below the 19,450 level. Here are the key highlights of the day’s market performance:

Market Indices:

– The Sensex closed lower by 286.06 points or 0.44% at 65,226.04.

– The Nifty ended down 92.70 points or 0.47% at 19,436.10.

– Market breadth was negative, with 1255 stocks advancing, 2294 stocks declining, and 122 stocks remaining unchanged.

Top Nifty Losers:

– The Nifty witnessed significant declines, with Axis Bank, SBI, IndusInd Bank, NTPC, and UltraTech Cement emerging as the top losers among Nifty constituents.

Top Nifty Gainers:

– Some stocks managed to post gains despite the overall market decline. The top gainers on the Nifty included Adani Enterprises, Nestle India, HUL (Hindustan Unilever), Eicher Motors, and HDFC Bank.

Sectoral Performance:

– Most sectors ended in the red, with declines observed in auto, capital goods, power, PSU banks, healthcare, metals, realty, and more. Only the FMCG (Fast-Moving Consumer Goods) and Information Technology sectors managed to close with gains.

Broader Market Performance:

– The broader market indices, represented by the BSE midcap and smallcap indices, underperformed the main indices. The BSE midcap index recorded a decline of 1.5%, while the smallcap index was down by 1%.

Market Outlook:

Global cues continue to be negative for the Indian markets in the near term. The sustained rise in US bond yields, coupled with continuous foreign institutional investor (FII) selling, has created headwinds for the market. Additionally, the dollar index remains above 107, and the US 10-year bond yield stands at 4.83%, further impacting market sentiment.