Stock Market Today 16 Oct: Sensex Dips 116 Points, Nifty Slides 19 Points

October 16, 2023 admin

Stock Market Today, 16 Oct 2023: Indian stock markets ended the volatile session with minor cuts on Monday. The domestic markets opened slightly lower amid negative global cues and extended their losses in the morning deal. In the afternoon session, markets erased all losses and traded near their flat line.

Traders took note of reports that India’s wholesale-based inflation index (WPI) remained in the deflationary zone for the sixth straight month at (-) 0.26% for the month of September 2023 as compared with (-) 0.52% recorded in August 2023. Deflation in the reported month is primarily due to a fall in prices of coal, minerals, textiles, basic metals, and food products as compared to the corresponding month of the last year.

Stock Market Indexes Today

The Nifty 50 index closed lower by 19.30 points or 0.10 percent and closed at 19731.75 levels while the Sensex was down by 115.81 points or 0.17 percent and finished at 66166.93 levels. The Bank Nifty index ended lower by 62.05 points or 0.14 percent on the spot level and closed at 44225.90 levels.

The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 84.50 points or 0.21 percent and closed at 40590.65 levels. The Nifty smallcap index ended higher by 47.60 points or 0.37 percent at 12941.65 levels.

Nifty 50 Top Gainers & Losers

The top gainers in the Nifty 50 index were Hero Motors, JSW Steel, Tata Steel, Coal India, and LTIM, and the top losers were Divislabs, Nestle India, TCS, IndusInd Bank, and Asian Paints.

The top gainers in the Nifty midcap index were FACT, NMDC, and Indian Bank and the top losers were Adani Power, Gujarat Fluprochem, and Gland Pharma.

The smallcap top gainers were IIFL, GNFC, and Deepak Fertiliser while the top losers were JB Chemical and Pharma, Finolex Cable, and VIP India.

The most active stocks in the Nifty index in terms of value were HDFC Bank, Tata Motors, and Infy. The most active stocks in terms of volume were Tata Steel, Tata Motors, and Power Grid.

On the sectoral front, Metal, PSU Bank, and Auto closed higher while the sectors that closed in the red were Pharma, realty, and FMCG.

Global Stock Market Updates Today

The other Asian stock markets started the week on the back foot as investors are looking for key economic data from China and Japan, later this week. Japan’s Nikkei extended early losses and ended lower by 2.03 percent while Australia’s S&P/ASX 200 closed lower by 0.35 percent.

South Korea’s Kospi ended the session lower by 0.81 percent on the week’s first trading day. Shanghai index ended lower by 0.46 percent while Hang Seng erased early gains and ended lower by 0.35 percent. Elsewhere, the Straits Times, Taiwan, SET Composite, and Jakarta all closed in the red on Monday. European markets are trading near their flatline at 3.30 pm IST.

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Editorial desk