Indices falls for 3rd consecutive day

21 Sep 2023 , 03:47 PM

The Indian stock market experienced a significant downturn, with the Sensex declining by 570.60 points or 0.85% to reach 66,230.24, and the Nifty dropping by 159.10 points or 0.80% to 19,742.30. The trading session saw more declines than gains, with approximately 1,288 shares rising, 2,254 falling, and 127 remaining unchanged.

This sell-off was widespread and attributed to the hawkish stance of the US Federal Reserve, which indicated a potential prolongation of high-interest rates. Several sectors were adversely affected, with public and private banks, automotive, and pharmaceuticals among the hardest hit.

Among the Nifty index’s top gainers were Adani Ports, Tech Mahindra, Dr. Reddy’s Labs, Asian Paints, and Bharti Airtel. Conversely, the top losers included M&M, ICICI Bank, Cipla, SBI, and IndusInd Bank. Public sector banks, in particular, experienced significant declines, with SBI falling below the Rs 300-mark.

For the week, both the Sensex and Nifty have recorded a decrease of approximately 2%, following a 2% increase each and reaching all-time highs in the previous week.

On an individual company level, state-run hydropower generation company SJVN witnessed a sharp decline of up to 10%. This drop occurred following the Indian government’s announcement of plans to sell up to a 4.92% stake in the company later in the week.