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Sensex drops 350 points, Nifty hovers around 19,550 amid weak market indicators

the Nifty 50 index experienced a challenging day, trading at 19,566 points, a 0.59% decrease.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: October 19, 2023 13:06 IST
BSE
Image Source : FILE Business stock exchange building

The stock market faced a notable decline today as the Sensex dropped by 350 points, with the Nifty hovering around the 19,550 mark. These losses came amidst unfavorable market cues and a significant 3% dip in Wipro's stock value. The Sensex, benchmark index, faced a sharp decline of 350 points, representing a 0.59% drop in value to settle at 59,218 points. This decline in both indices reflected the cautious sentiment of investors in the stock market.

Sensex and Nifty struggle

The 30-share Sensex, which is a prominent indicator of India's stock market performance, witnessed losses, with only IndusInd Bank and HCLTech managing to maintain their positions in the green. The Nifty 50 index, another crucial market benchmark, faced similar challenges, with only a handful of stocks trading positively. Bajaj Auto, LTI Mindtree, IndusInd Bank, HeroMotoCorp, BPCL, and HCLTech were among the stocks trading in the positive territory.

Stocks in the red

Several stocks in both key indices weighed them down, leading to the overall market decline. Wipro, HDFC Life, Hindalco, PowerGrid, Tata Steel, Tata Consumer, Coal India, UPL, Bajaj Finserv, SBI Life, JSW Steel, L&T, and NTPC were among the stocks that experienced losses during today's trading session.

Broader market indices experience declines

In addition to the key indices, broader market indices also faced downward pressure. The Nifty Midcap 50 experienced a 0.97% decline, followed closely by the Nifty Next 50, which recorded a 0.94% decrease. Furthermore, the Nifty Midcap 100, Nifty Midcap Select, Nifty Midcap 150, and Nifty Largemidcap 250 all faced losses at 0.86%, 0.87%, 0.85%, and 0.83%, respectively.

Sectoral declines

All sectors witnessed declines in today's trading session. The Nifty Metal sector experienced the most significant fall at 1.76%, followed by Nifty Realty at 1.30%. The Nifty Financial Services sector also faced challenges, recording an 0.88% decrease, while the pharma and healthcare indices registered declines of 0.85% and 0.78%, respectively.

Upcoming earnings reports

Investors are keenly awaiting the release of earnings reports from several key companies, including Hindustan Unilever, ITC, Ultratech Cement, and Nestle India, among others, who are scheduled to announce their Q2 results today. These reports will provide valuable insights into the companies' financial health and could impact market sentiment.

Also read | US Treasury official commends India's UPI system for cross-border payment leadership

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