Sensex dips 440 points, Nifty slips below 19,700 on F&O expiry

Sensex dips 440 points, Nifty slips below 19,700 on F&O expiry

Ira Singh
27 July’23

The Indian equity benchmark indices traded in red on Thursday amid volatility on July contracts expiry.

At close, the Sensex was down 440.38 points or 0.66 percent at 66,266.82, and the Nifty was down 118.40 points or 0.60 percent at 19,659.90.

The market ignored the US Fed rate hike last night and amid positive Asian markets, the Indian equity indices started the day on firm note. However, in the mid-session, amid profit booking at a higher level, the market slipped into red and extended the losses to end with a 0.6 percent loss, according to sources.

Stocks and Sectors
Cipla, Sun Pharma, Divis Labs, Apollo Hospitals and Bharti Airtel were the biggest gainers on Nifty, while losers included M&M, Tech Mahindra, Tata Consumer Products, Nestle India and Britannia Industries.

On the sectoral front, auto, oil & gas, bank and FMCG indices were down 0.5-1 percent each, while pharma index was up 3 percent, and realty index was up 2 percent, according to sources.

The BSE Midcap index rose 0.5 percent, while Smallcap index ended on a flat note.

On 27th July’23, the Indian rupee ended 7 paise higher to close at 81.93 against the US dollar amid broader weakness in the greenback after the US Federal Reserve raised interest rates.

The US Fed hiked interest rates by 25 bps to a target range of 5.25-5.5%, bringing US benchmark funds rate to the highest level since 2001, according to sources.

Experts Take:
Market experts have recommended buying Axis Bank, Dabur, Punjab National Bank, City Union Bank, Max Financial Services, and OIL for intraday trading on Thursday.