Stock market ended on a lower note ahead of US Fed outcome

Stock market ended on a lower note ahead of US Fed outcome

Ira Singh
01 Nov’23

The Indian equity market indices traded lower on Wednesday due to weakness in banking, financial and metal stocks amid unabated foreign fund outflows. Investors preferred to remain on the sidelines ahead of the US Federal Reserve’s interest rate decision, traders said.

At close, the Sensex was down 283.60 points or 0.44 percent at 63,591.33, and the Nifty was down 90.45 points or 0.47 percent at 18,989.15

Stocks and Sectors

Sun Pharma, BPCL, Hindalco Industries, Bajaj Auto and Reliance Industries were the top gainers on the Nifty, while losers included Adani Enterprises, Coal India, Adani Ports, SBI Life Insurance and Asian Paints.

On the sectoral front, except healthcare, oil & gas and realty all other indices ended in the red with auto, capital goods, metal, Information Technology and power down 0.5-1.5 percent each.
The BSE midcap index shed 0.4 percent, while smallcap index ended on a flat note.

On 1 Nov’23,the Indian rupee depreciated 3 paise to close at 83.27 against the US dollar, tracking a strong American currency overseas and muted trend in domestic equities.

Persistent foreign fund outflows also weighed on the local unit, forex traders said.

Experts Take:
Market experts have recommended five stocks to buy for Wednesday-Tata Consumer Products, Central Depository Services Limited (CDSL), HDFC Life Insurance, Vedant Fashions, Stel Holdings, and Datamatics Global Services.