Indian Shares Slip as IT Stocks Weaken

31 Oct 2023 , 01:38 PM

Indian shares experienced a decline, in line with the broader Asian market, as IT stocks weakened ahead of the U.S. Federal Reserve’s upcoming policy decision.

Sensex traded at Rs 63,992, marking a 0.19% drop from the previous close, while Nifty stood at Rs 19,110, representing a 0.06% increase from the prior day.

Top gainers in the market included Pidilite Ind (6.54%), City Union Bank (3.59%), Chambal Fert (2.95%), and SBI life insura (2.88%). Meanwhile, the top losers were Siemens (-3.37%), Sun Pharma (-2.80%), Muthoot Finance (-2.47%), and ONGC (-1.91%).

Asian markets declined after the Bank of Japan adjusted its bond yield control policy, impacting long-term interest rates.

Seven out of the 13 major sectoral indexes in India made gains. Notably, IT stocks declined by 0.5% due to uncertainty related to the Fed’s policy decision.

Realty stocks surged by over 1.5%, with DLF and Macrotech Developers seeing notable gains due to strong quarterly results driven by housing demand.

Mid- and small-cap indexes outperformed the benchmarks, rising by 0.6% and 0.8% respectively.

Brent crude futures rose to $88 per barrel amid concerns over Middle East conflict, impacting oil prices and negatively affecting import-dependent countries like India.

The Nifty 50 has seen a 2.63% decline in October, potentially marking its worst month since January. Foreign investors have sold shares worth 228.50 billion rupees ($2.74 billion) in October, the highest level of selling since January.

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