Stock market snaps 2-day winning streak amid volatility;Sensex ends 238 pts lower; Nifty below 19,100

Stock market snaps 2-day winning streak amid volatility;Sensex ends 238 pts lower; Nifty below 19,100

Ira Singh
31 Oct’23

The Indian equity benchmark indices fell on Tuesday, tracking the weakness in the broader Asian market and dragged by a drop in information technology (IT) stocks in the run-up to the U.S. Federal Reserve’s policy decision later this week.

Asian markets declined after the Bank of Japan loosened its grip on long-term interest rates by tweaking its bond yield control policy, in a step to end its stimulus programme.

At close, the Sensex was down 237.72 points or 0.37 percent at 63,874.93, and the Nifty was down 61.30 points or 0.32 percent at 19,079.60.

Stocks and Sectors

SBI Life Insurance, Titan Company, HDFC Life, Kotak Mahindra Bank and Asian Paints were the biggest gainers on the Nifty, while losers included M&M, Sun Pharma, Eicher Motors, LTIMindtree and ONGC.

On the sectoral front except realty, all other indices ended in the red with auto, bank and healthcare down 0.3-0.6 percent.The BSE midcap index rose 0.3 percent, while smallcap index ended flat.

On 31 Oct’23,the Indian rupee inched up 1 paisa to close at 83.25 against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by elevated crude oil prices and a strong American currency overseas. Forex traders said the dollar strengthened on safe-haven demand. However, a positive trend in domestic equities supported the rupee at lower levels.

Experts Take:
Market experts have recommended six stocks to buy for Tuesday- Kotak Mahindra Bank, LT, Welspun Corp, Escorts, JK Lakshmi Cement and TCS.