Market mayhem: Sensex extends losses to 6th day,falls 901 pts; Nifty nears 18,850

Market mayhem: Sensex extends losses to 6th day,falls 901 pts; Nifty nears 18,850

Ira Singh
26 Oct’23

The Indian equity market indices traded lower on Thursday,dragged by information technology (IT) stocks after Tech Mahindra’s disappointing earnings, while rising U.S. Treasury yields intensified fears of interest rates staying higher for longer.

At close, the Sensex was down 900.91 points or 1.41 percent at 63,148.15, and the Nifty was down 264.90 points or 1.39 percent at 18,857.25. About 1211 shares advanced, 1943 shares declined, and 101 shares unchanged.

Stocks and Sectors

Axis Bank, HCL Technologies, Adani Ports, IndusInd Bank and ITC were the top gainers on the Nifty, while losers included M&M, Bajaj Finance, Asian Paints, UPL and Bajaj Finserv.

On the sectoral front, except power all other indices traded in the red.
BSE Midcap index down 1 percent and Smallcap index down 0.3 percent.

On 26 Oct’23,the Indian rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the U.S. dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment.

Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to $90 a barrel amid geopolitical tensions in the Middle East.

Experts Take:
Market experts have recommended five buy or sell stocks for Thursday- Persistent Systems, Tata Consumer, Coal India, DLF and IndusInd Bank November Future.