Stock market resumes fall after 1-day hiatus; Bajaj Fin plunges 3%, MMTC 10%
Ira Singh
18 Oct’23
The Indian equity benchmark indices traded flat on Wednesday,as a slide in financials after Bajaj Finance missed profit estimates offset gains in metals on strong economic data from China and as the intensifying Middle East conflict and U.S. rate concerns dragged sentiment.
At close, the Sensex was down 551.07 points or 0.83 percent at 65,877.02, and the Nifty was down 140.40 points or 0.71 percent at 19,671.10. About 1424 shares advanced, 2144 shares declined, and 137 shares unchanged.
Stocks and Sectors
Cipla, Dr Reddy’s Laboratories, Tata Motors, Sun Pharma and SBI Life Insurance were top gainers on the Nifty while losers included Bajaj Finance, Bajaj Finserv, NTPC, HDFC Bank and Axis Bank.
On the sectoral front, except auto and pharma, all other indices ended in the red with power, Information technology, oil & gas, metal, realty and bank down 0.5-1 percent each.
BSE Midcap index shed 0.8 percent and Smallcap index fell 0.3 percent.
On 18 Oct’23, the Indian rupee appreciated by 2 paise to 83.23 against the U.S. dollar in early trade on Wednesday on the back of a weaker American currency and an inflow of foreign funds in the domestic equity markets.
Forex traders said surging crude oil prices and negative trends in equity markets, however, capped the rise in the domestic currency. Analysts expect the rupee to stay in a narrow range as traders may take cues from retail sales and industrial production data from the U.S. Data on the U.S. crude weekly inventory, China’s GDP, industrial production, and U.K. and European region inflation are also awaited.
Experts Take:
Market experts have recommended five stocks to buy for Wednesday- Bank of Baroda, BPCL, RCF, Britannia, PVR Inox, and Dilip Buildcon.