Indices Close Lower in Volatile Trading, Small and Mid-caps Outperform

16 Oct 2023 , 03:41 PM

In a day marked by volatility, benchmark indices closed lower on October 16, 2023. Here are the key highlights from the market:

– Sensex and Nifty: The Sensex concluded the session at 66,166.93, showing a decline of 115.81 points or 0.17%. The Nifty closed at 19,731.80, down by 19.20 points or 0.10%. Market breadth reflected the mixed sentiment, with 1,992 shares advancing, 1,669 shares declining, and 152 shares remaining unchanged.

– Top Nifty Losers: Leading the list of Nifty’s top losers were Divis Laboratories, Nestle India, TCS, IndusInd Bank, and Asian Paints.

– Top Nifty Gainers: Among the top Nifty gainers were Hero MotoCorp, JSW Steel, Tata Steel, Coal India, and UPL.

– Jio Financial Services: Newly-listed Jio Financial Services remained flat ahead of its first quarterly results since debuting in August. 

– Sectoral Performance: The Metal index posted a substantial gain of 1.4%, while the PSU Bank index advanced by 0.7%, and the Auto index edged up by 0.4%. On the flip side, the Realty and Healthcare indices faced declines of 0.5% each.

– Small- and Mid-cap Outperformance: Smaller and mid-cap stocks, which tend to have a more domestic focus, outperformed large-cap stocks in early trade. Small-cap stocks rose by 0.4%, and mid-cap stocks gained 0.3%, bolstered by sustained retail inflows.

– BSE Midcap and Smallcap Indices: The BSE Midcap index exhibited a gain of 0.3%, while the Smallcap index added 0.4%.

This trading day displayed a mixed market sentiment with a modest overall decline. While the Metal, PSU Bank, and Auto sectors performed well, others like Realty and Healthcare saw setbacks. The small- and mid-cap segments outperformed their larger counterparts, partly driven by ongoing retail investments.