Stock Market: Sensex Tanks 523 Points; Nifty Ends Below 19,150. Metal Rises 1 Per Cent

Stock update: On the 30-share Sensex platform, Infosys, Airtel, NTPC, IndusInd Bank, Bajaj Finance, ICICI Bank emerged losers, while Tata Steel, SBI, M&M, Maruti, and Nestle were the gainers

In the broader market, the BSE Midcap and Smallcap indices declined 0.5 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Wednesday succumbed for a fifth day amid broad-based selling. The S&P BSE Sensex plunged 523 points to end at 64,049. On the other hand, the NSE Nifty50 settled at 19,122, down 160 points. The two indices hit intraday lows of 63,912 and 19,074 levels, respectively.

On the 30-share Sensex platform, Infosys, Airtel, NTPC, IndusInd Bank, Bajaj Finance, ICICI Bank emerged losers. On the flipside, Tata Steel, SBI, M&M, Maruti, and Nestle were the gainers.

#ABPLiveStockMarketWatch | Sensex and Nifty, on Wednesday succumbed for a fifth day amid broad-based selling.

At 04:00 PM, #Sensex tanked 523 points to 64,049 & #Nifty lost 160 points to close at 19,122

Here's a look at the stocks in focus: #ABPLive #ClosingBell #MarketWatch pic.twitter.com/mftbsi5loD

— ABP LIVE (@abplive) October 25, 2023

In the broader market, the BSE Midcap and Smallcap indices declined 0.5 per cent each.

Among sectors, the Nifty metal index rose nearly 1 per cent while bank, power, realty, capital goods, pharma, and IT fell 0.5-1 per cent each.

In the previous session on Monday, Sensex settled at 64,572, at a loss of 826 points, while the NSE Nifty50 ended trading at 19,278, a drop of 264 points. Markets remained closed on Tuesday on account of Dusshera.

In Asian markets, Tokyo, Shanghai, and Hong Kong settled in the positive territory while Seoul ended lower. European markets were trading in the negative territory. The US markets ended in the green on Tuesday.

"Investor sentiment is on edge as tensions in West Asia continue to drag the market. Despite a drop in oil prices and an optimistic view of the progressing Q2 results season, investors took a cautious approach due to the expectation that a higher interest rate scenario would continue slowing future growth," said Vinod Nair, Head of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.30 per cent to $88.32 a barrel.

"The market was waiting for an opportunity for profit-booking - the recent hike in bond yields to 5 per cent, increased geopolitical tensions risking a flare-up in the Middle East as well and early in-line corporate results have all just provided the platform for much-awaited correction," said Pawan Bharaddia, Co-founder, Equitree.

Foreign Institutional Investors (FIIs) bought equities worth Rs 252.25 crore on Monday, according to exchange data.

Meanwhile, the rupee paired its early gains and settled 2 paise lower at 83.18 (provisional) against the US dollar on Wednesday, tracking negative cues from domestic equity markets and a stronger American currency overseas. Softening crude oil prices and some buying by foreign equity investors, however, supported the Indian currency, forex dealers said.

At the interbank foreign exchange market, the local unit opened stronger by 8 paise at 83.08 and traded between the peak of 83.08 and the lowest level of 83.19 against the greenback. It finally settled at 83.18 (provisional) against the dollar, registering a loss of 2 paise from its previous close. On Monday, the rupee closed 4 paise lower at 83.16 against the US dollar.