Stock Market Today: Sensex Plunges 286 pts, Nifty Finish Below 19450
Stock Market Today, 4 Oct 2023: Indian stock market ended lower for the second straight session on Wednesday amid weak global cues. The domestic equity market indexes opened a gap down and extended their early losses. However, in the last hour indices trimmed some intraday losses and ended with moderate losses
The local markets traded below their flat line throughout the day, as traders remained cautious after US Treasury yields surged to their highest levels in over a decade, worrying investors that higher borrowing rates could further stall the housing market.
The yield on the 10-year US Treasury note hit 4.802% on Tuesday, its highest level since August 2007. Further, the depreciation in the Indian rupee against the dollar also weighed down sentiments. The rupee weakened by 5 paise to 83.25 against the dollar at the Interbank Foreign Exchange market on account of increased demand for American currency from importers and banks.
Stock Market Indexes Today
The Nifty 50 index closed lower by 92.65 points or 0.47 percent and closed at 19436.10 levels while the Sensex was down by 286.06 points or 0.44 percent and finished at 65226.04 levels. The Bank Nifty index ended lower by 435 points or 0.98 percent on the spot level and closed at 43964.05 levels.
The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 561.35 points or 1.38 percent and closed at 40047.50 levels. The Nifty smallcap index ended lower by 160.20 points or 1.25 percent at 12656 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Adani Enterprise, Nestle, HUL, Eicher Motors, and HDFC Bank and the top losers were Axis Bank, SBI, NTPC, IndusInd Bank, and Ultratech Cement.
The top gainers in the Nifty midcap index were Ramco Cement, Excorts, and Mphasis and the top losers were JSW Energy, Lodha, and Idea.
The smallcap top gainers were Suzlon, MRPL, and MGL while the top losers were Mannapuram, Glenmark, and Century Textile.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Axis Bank, and ICICI Bank. The most active stocks in terms of volume were Tata Steel, HDFC Bank, and NTPC.
On the sectoral front, IT and FMCG closed higher while the sectors that closed in the red were PSU Bank, Energy, and Media.
Global Stock Market Today
The other Asian stock market indexes closed sharply lower as US Treasury yields hit multiyear high on Tuesday. The Reserve Bank of New Zealand kept the key rates unchanged in its monetary policy meeting on Wednesday. Japan’s Nikkei and South Korea’s Kospi closed sharply lower by 2.17 percent and 2.41 percent respectively.
Australia’s S&P/ASX 200 declined by 0.77 percent while Hang Seng ended lower by 0.52 percent. The Shanghai index was not traded today due to the weeklong holiday. Elsewhere, Straits Time, Taiwan, ended in the deep red while SET Composite closed higher.
European stock market indexes were opened in the negative territory due to weak global cues. All major sectors were trading in the red with the Auto sector declining the most. The indexes later pared all early losses and are trading in the positive zone at 3.30 p.m. IST
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Editorial desk
