Stock market extends losses to 3rd day,IGL plunges 12%,MCX climbs 7%

Stock market extends losses to 3rd day,IGL plunges 12%,MCX climbs 7%

Ira Singh
20 Oct’23

The Indian equity market indices traded lower on Friday due to weak trends in global markets and soaring crude oil prices. Foreign fund outflows also weighed on investor sentiments.

At close, the Sensex was down 231.62 points or 0.35 percent at 65,397.62, and the Nifty was down 82.05 points or 0.42 percent at 19,542.65. About 1333 shares advanced, 2234 shares declined, and 141 shares unchanged.

Stocks and Sectors

Kotak Mahindra Bank, IndusInd Bank, TCS, SBI Life Insurance and NTPC were top gainers on the Nifty while losers included ITC, Divis Labs, HUL, BPCL and Tata Steel.

On the sectoral front,all the indices ended in the red with capital goods, metal, power, realty, oil & gas, FMCG, and pharma shed 0.5-1 percent.

The BSE Midcap index shed 1 percent and Smallcap index down 0.7 percent.

On 20 Oct’23, Indian rupee depreciated by 5 paise to close at 83.18 against the US dollar, due to unabated foreign fund outflow amid rising crude oil prices.Negative equity market sentiment and a strong dollar also weighed on the Indian currency, forex traders said.

Experts Take:
Market experts have recommended six stocks to buy for Friday-Lupin, BSE, Aditya Birla Capital, Paras Defence, Tata Elxsi and Minda Corp.