Indian Stock Market Falls for Third Consecutive Session

20 Oct 2023 , 03:41 PM

On October 20, for the third consecutive session, benchmark indices experienced a decline, with the Nifty hovering around 19,550. The equity market slipped due to negative trends in global markets and the surging prices of crude oil, which raised concerns among investors. Furthermore, the outflow of foreign funds added to the overall pessimism in the market.

At the closing bell, the Sensex dropped by 231.62 points, or 0.35%, ending at 65,397.62, while the Nifty fell by 82.00 points, or 0.42%, closing at 19,542.70. Among the shares traded, 1333 advanced, 2234 declined, and 141 remained unchanged.

In terms of individual stocks within the Sensex, Hindustan Unilever recorded a decline of over 1%. The company reported a marginal decrease in its consolidated net profit for the second quarter ending on September 30, citing subdued rural demand and heightened competitive pressures.

On the Nifty, the major losers for the day included ITC, Divis Labs, HUL, BPCL, and Tata Steel. Conversely, gainers in the market comprised Kotak Mahindra Bank, IndusInd Bank, TCS, SBI Life Insurance, and Nestle India.

In a broader view, all sectoral indices ended the day in the red, with capital goods, metal, power, realty, oil & gas, FMCG, and pharma sectors witnessing declines ranging from 0.5 to 1%.

Furthermore, the BSE Midcap index experienced a drop of 1%, and the Smallcap index also saw a decline of 0.7%, reflecting the widespread negative sentiment in the market.