Indian Markets Fall Sharply on September 28, F&O Series Expiry Weighs

28 Sep 2023 , 03:42 AM

On September 28, as the market approached its closing hours, benchmark indices experienced a significant downturn. Initially, the market had opened with minor gains, but it quickly became volatile due to the expiration of the September F&O series. All sectors faced losses, with information technology, both public and private banks, metals, pharmaceuticals, FMCG, automotive, energy, and infrastructure, all witnessing declines of 1-2%. This selloff was even more pronounced in the broader market.

The Sensex recorded a decline of 610.37 points or 0.92%, closing at 65,508.32, while the Nifty was down by 193.00 points or 0.98%, closing at 19,523.50. Out of the listed stocks, 1524 showed gains, 2007 experienced declines, and 136 remained unchanged.

Among the top gainers on the Nifty were L&T, Bharti Airtel, ONGC, Coal India, and Power Grid Corporation, while Tech Mahindra, Asian Paints, LTI Mindtree, Divis Labs, and Britannia were among the laggards.

The rise in crude oil prices, which surged by 3% overnight, is expected to have adverse effects on India, the world’s third-largest oil importer. India is also grappling with lower-than-expected monsoon rains, which are contributing to inflation risks.