Stock Market Today: Sensex Drops 231 Points, Nifty Closes Below 19550 Mark

October 20, 2023 admin

Stock Market Today, 20 Oct 2023: Indian equity markets ended lower for the third consecutive session on Friday. The domestic market traded in the red terrain throughout the day amid weak global cues. The indices traded in a tight range after a gap-down opening and ended with moderate losses.

Hectic selling in heavyweight front-line stocks ITC, Hindustan Unilever, and JSW Steel companies pressured the markets to trade lower. Traders remained cautious after the spike in the 10-year US Treasury yield overnight which almost touched 5% has raised borrowing costs around the world.

Further, weakness also prevailed in the markets as Reserve Bank of India — Governor Shaktikanta Das said the global economy is now facing a triad of challenges. He added that the recent surge in crude oil prices and bond yield is a major challenge.

Stock Market Indexes Today

The Nifty 50 index closed lower by 82.05 points or 0.42 percent and closed at 19542.65 levels while the Sensex was down by 231.62 points or 0.35 percent and finished at 65397.62 levels. The Bank Nifty index ended slightly lower by 31.45 points or 0.07 percent on the spot level and closed at 43723.05 levels.

The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 453.85 points or 1.13 percent and closed at 39878.75 levels. The Nifty smallcap index ended lower by 103.20 points or 0.79 percent at 12927.40 levels.

Nifty 50 Top Gainers & Losers

The top gainers in the Nifty 50 index were Kotak Bank, IndusInd Bank, TCS, SBI Life, and NTPC and the top losers were ITC, Tata Steel, Divis Labs, HUL, and BPCL.

The top gainers in the Nifty midcap index were CG Power, UBL, and Tue Invest India and the top losers were IGL, Mphasis, and Tata Communication

The smallcap top gainers were Angel One, MCX, and Tanla while the top losers were NMDC Steel, MGL, and Century Textile.

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

On the sectoral front, all sectoral indices closed in the red with PSU Bank, Metal, and FMCG sectors falling the most.

Global Stock Market Updates Today

The other Asian stock market indexes extended their previous session sell-off on Friday, as US Treasury yields spiked after Fed Chair Powell’s speech overnight. The market sentiments were dampened, as US Fed Chair Jerome Powell said inflation is still high and would likely require lower economic growth.

Nikkei closed lower by 0.55 percent, as Japan’s inflation rate cooled down to 3% in September from 3.2% in August and core inflation also slowed to 2.8% in September from 3.1% in August. Australia’s S&P ASX 200 ended lower by 1.16 percent. South Korea’s Kospi fell the most in the region, down by 1.72 percent.

Shanghai extended early losses and ended lower by 0.75 percent, while Hang Seng was down by 0.72 percent. Elsewhere, the Straits Times, SET Composite, and Taiwan all ended lower in the last trading session of the week.

Europen stock market indexes are trading at the seven-month low on Friday, as Reuter data showed. The market sentiments are subdued as investors digested US Fed’s chair Powell’s comment and geopolitical tensions.

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Editorial desk