Indian Shares Hold Steady Amidst Mixed Sectoral Performance and Global Concerns

18 Oct 2023 , 01:39 PM

Indian shares remained steady on Wednesday, with financials dipping due to Bajaj Finance falling short of profit expectations, while gains in the metal sector were fueled by robust economic data from China. Concerns over the Middle East conflict and U.S. rate apprehensions affected market sentiment.

At the time of writing, Sensex was trading at Rs 66006, which is a 0.63% dip from the previous day’s close. At the same time, Nifty is trading at Rs 19,704 which is a 0.54% slide than the previous day’s close.

Bajaj Finance, the top Nifty 50 loser, saw a 2.13% drop following lower-than-expected profit results for the September quarter due to increased provisions for bad loans.

Metal stocks surged nearly 1% following positive data indicating a faster-than-anticipated growth of China’s economy in July-September, alleviating worries regarding the recovery of the major metals consumer. Hindalco, Tata Steel, and JSW Steel were prominent gainers in the Nifty 50.

Small- and mid-cap stocks, with a focus on domestic markets, continued to outperform blue-chip stocks, rising by 0.5% and 0.2%, respectively. This rise was supported by strong retail inflows.

Asian stocks faced a decline due to a Gaza hospital blast impacting hopes of easing the Israel-Hamas military conflict. Additionally, a surge in U.S. Treasury yields post strong retail sales data rekindled rate concerns, affecting market sentiment.

Rising oil prices, nearing $92 per barrel due to concerns about supply disruptions from the Middle East, negatively impacted countries like India that rely on crude imports.

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