Nifty, Sensex Record Worst Day In Nearly Two Months As RIL, ICICI Bank Weigh: Market Wrap
India's benchmark stock indices recorded their worst day in nearly two months on Monday, tracking sharp falls in heavyweights Reliance Industries Ltd. and ICICI Bank Ltd. amid heightened geopolitical tension in the Middle East.
The NSE Nifty 50 ended 368.10 points or 1.41% lower at 25,810.85, and the S&P BSE Sensex settled 1,272.07 points or 1.49% down at 84,299.78.
During the session, the Nifty declined 1.46% to 25,796.65, and the Sensex declined 1.52% to 84,274.64, marking their worst decline since Aug. 5.
Indian markets experienced a sharp fall on the last day of September due to mixed global cues. On one side, tensions heightened after Israel killed Hezbollah's high-profile leader, Hassan Nasrallah. This raised concerns about the possibility of a widespread war in the Middle East, which can potentially hurt oil supply.
On the other side, data showed the US Federal Reserve's preferred inflation gauge declined in August, fuelling hopes of a larger quantum of policy easing.
The Fed Chair, Jerome Powell, will speak at the National Association for Business Economics Annual Meeting in Nashville, which will be in investors' focus.
"Considering the higher top higher bottom formation, the next support for the index comes at 25,500 coupled with 21-day moving average support, and due to the change in polarity, once again 26,000 will be considered as an immediate hurdle," said Aditya Gaggar, director at Progressive Shares.
Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Infosys Ltd. weighed on the index.
NTPC Ltd., JSW Steel Ltd., Tata Steel Ltd., Hindalco Industries Ltd., and LTIMindtree Ltd. limited losses.
On NSE, 10 sectors declined and two advanced. The NSE Nifty Auto emerged as the top loser, while the NSE Nifty Metal emerged as the top leader.
Broader indices outperformed the benchmarks with the BSE Midcap closing 0.28% lower and BSE Smallcap was 0.07% higher at close.
Two of the 20 sectoral indices ended higher and 18 declined on the BSE. BSE Realty fell the most.
Market breadth was skewed in favour of the sellers. As many as 2,201 stocks fell, 1,837 rose, and 155 remained unchanged on the BSE.
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