Sensex Today: Indian benchmark indices broke six-day winning streak and ended lower with Nifty below 17000 on October 25. The S&P BSE Sensex index closed 288 points, or 0.48 per cent, lower at 59,544, while the Nifty50 ended at 17,640, down 91 points or 0.5 per cent.
Tech M, Maruti Suzuki, L&T, NTPC, Dr Reddy’s Labs, SBI, M&M, and Infosys were the top gainers on the Sensex index. These stocks gained between 0.6 per cent and 3 per cent.
The top drags were Nestle, Bajaj Finserv, HUL, Kotak Bank, RIL, HDFC, Bajaj Finance, Asian Paints, and IndusInd Bank as they fell in the range of 1 per cent to 3 per cent.
In the broader markets, the BSE MidCap index added 0.45 per cent, but the BSE SmallCap index slipped 0.35 per cent.
The market will be closed on Wednesday for a holiday.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The initial months of Samvat 2079 are likely to be highly volatile with alternative bouts of selling and buying in the mother market US, which will have repercussions on other markets including India’s. In this highly uncertain environment, clarity is emerging on some important trends: one, the US economy is slowing down and the most likely scenario is a short and mild recession, which the market has largely discounted. India’s growth too will be impacted by a global slowdown but India will be the least impacted large economy. This environment coupled with the resources of DIIs and retail investors can hold the market in good stead and can take it to new record highs, but high valuations are a concern.”
“Investors can approach Samvat 2079 with cautious optimism and remain invested in high-quality stocks and buy on declines in performing sectors like banking, capital goods, telecom, and autos. Selective pharma and FMCG stocks would be good hedges in this uncertain environment,” he added.
Rupee Opens
Indian rupee closed marginally lower at 82.73 per dollar on Tuesday versus Friday’s close of 82.68.
Global Cues
Asian equities fell to new 2-1/2-year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the yuan.
Tokyo stocks opened higher on Tuesday, extending US rallies, with investors gradually shifting focus to the start of Japan’s corporate earnings season. The benchmark Nikkei 225 index was up 0.45 per cent, or 121.19 points, at 27,096.19 in early trade, while the broader Topix index was up 0.49 per cent, or 9.25 points, at 1,896.44.
US stocks advanced on Monday, extending last week’s gains as signs of economic softness suggested the effects of the Fed’s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.
Read all the Latest Business News here
Comments
0 comment