Business News | Sensex Sinks 876 Points, Nifty Falls 1.11% as Crude Oil Nears USD 109
Get latest articles and stories on Business at LatestLY. The domestic stock markets closed sharply lower on Monday as weakness in private bank stocks, disappointing corporate earnings and rising crude oil prices weighed on investor sentiment.
Mumbai (Maharashtra) [India], October 19 (ANI): The domestic stock markets closed sharply lower on Monday as weakness in private bank stocks, disappointing corporate earnings and rising crude oil prices weighed on investor sentiment.
The Nifty 50 index closed at 22,888.95, declining 257.20 points or 1.11 per cent. The BSE Sensex fell 876.37 points or 1.17 per cent to settle at 73,852.90.
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Selling pressure was widespread across sectors, with almost all sectoral indices on the National Stock Exchange closing in the red. The Nifty PSU Bank index was the only major sectoral index to finish in positive territory, rising 2.41 per cent.
Among other sectors, the Nifty IT index declined 1.56 per cent, while the Nifty FMCG index fell 1.40 per cent. The Nifty Auto index lost 0.80 per cent, the Nifty Metal index declined 0.78 per cent and the Nifty Pharma index slipped 0.77 per cent.
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Axis Bank was among the biggest losers in the Nifty 50, falling more than 4 per cent. TMPV, Infosys and UltraTech Cement were also among the major laggards. On the other hand, SBI, JSW Steel, Eicher Motors and Adani Ports were among the top gainers.
Vikram Kasat, Chief Business Officer – Advisory and Dealing at PL Capital, said weakness in private banks, earnings that fell short of expectations and cautious global sentiment had intensified profit-booking.
"Private banking weakness, disappointing earnings relative to expectations and cautious global sentiment intensified profit-booking, while PSU banks showed relative resilience," Kasat said.
He said markets could remain volatile, with investors likely to track corporate earnings, oil prices and currency stability.
Brent crude was trading at USD 108.50 per barrel at the time of reporting, keeping concerns over imported inflation and corporate costs in focus.
Rajeev Sharan, Head of Research, Brickwork Ratings said, "The rupee firmed for a seventh straight session on Monday, touching 94.8 in early trade and hovering near 94.95 to the dollar, holding onto its sharp recovery from near 97 earlier this month. Friday’s RBI data shows the cost: reserves fell by another USD 8.6 billion to USD 726 billion for the week ended October 9, taking the total drawdown since early September to nearly USD 60 billion. That matters because the central bank did not just talk down currency speculators; it spent heavily to build an artificial floor before tightening its rules. While foreign investors briefly turned buyers of Rs 1,166 crore on Friday, Brent crude pushing towards USD 110 means the RBI cannot buy calm forever, and market fundamentals must now take over."
In commodities, gold prices remained largely flat at Rs 1,48,085 per 10 grams for 24-carat gold, while silver traded higher at Rs 2,11,351 per kilogram.
Asian markets were mixed. Japan's Nikkei 225 declined 0.64 per cent to close at 64,910, Singapore's Straits Times fell 0.07 per cent to 5,412 and Taiwan's weighted index slipped 0.62 per cent to 46,822. South Korea's KOSPI rose 1.73 per cent to 5,768, while Hong Kong's Hang Seng gained 0.51 per cent to 24,186. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)