Stock Market Extends Losses: Sensex Down 286 Points; Nifty Settles Below 19,450. Axis Bank Slips 4%

Stock update: On the 30-share Sensex platform, Axis Bank was the biggest laggard, down 4.4 per cent. SBI, NTPC, IndusInd Bank, UltraCemco, Tata Steel, were among the losers

The two key equity benchmarks, Sensex and Nifty, on Wednesday extended their losing streak as indices crumbled under heavy selling pressure. The indices, however, recouped some of the losses during the latter part of the day. The S&P BSE Sensex closed at 65,226, down 286 points. On the other hand, the NSE Nifty50 shut shop at 19,436, falling 93 points. The two indices hit intraday lows of 64,879 and 19,334, respectively.

On the 30-share Sensex platform, Axis Bank was the biggest laggard, down 4.4 per cent. SBI, NTPC, IndusInd Bank, UltraCemco, Tata Steel, were among the losers. On the flip side, Nestle, HDFC Bank, HUL, Infosys, TCS, HCL emerged gainers. Among specific stocks, Nestle India shares surged 4 per cent to Rs 23,333.65 on the BSE in Wednesday’s intra-day trade in an otherwise weak market after the company announced that the board will meet on October 19 to consider a stock split proposal.

In the broader markets, the BSE Midcap index declined 1.5 per cent, while the BSE Smallcap fell 1 per cent.

Sectorally, except FMCG and Information Technology, all other indices closed in the red with auto, capital goods, power, PSU bank, capital goods, healthcare, metal, and realty fell between 1 per cent and 3 per cent.

In the previous session on Tuesday, the S&P BSE Sensex declined 316 points to settle at 65,512, while the NSE Nifty50 closed at 19,529, down 110 points.

In Asian markets, Seoul, Tokyo, and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading mostly in the green. The US markets ended with over 1 per cent fall on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,034.14 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude declined 0.91 per cent to $90.09 a barrel.

Meanwhile, the rupee depreciated 3 paise to settle at 83.23 (provisional) against the US dollar on Wednesday, as a muted trend in domestic equities and sustained foreign fund outflows weighed on investor sentiments. Forex traders said the strength of the American currency in the overseas market further dented investor sentiments.

At the interbank foreign exchange market, the local unit opened at 83.22 against the US dollar and moved in a range of 83.27 to 83.19. The rupee finally settled at 83.23 (provisional) against the US dollar, down 3 paise from its previous close. On Tuesday, the rupee had settled at 83.20 against the dollar.