Sensex tumbles 678 points, Nifty ends below 17,700; banking, IT shares top losers
Sensex plunged 677.77 points or 1.13 per cent to close at 59,306.93 and Nifty fell 185.60 points or 1.04 per cent to 17,671.65.
- Oct 29, 2021,
- Updated Oct 29, 2021 5:33 PM IST
Benchmark indices ended lower for the third straight session this week amid negative global cues. Sensex plunged 677.77 points or 1.13 per cent to close at 59,306.93 and Nifty fell 185.60 points or 1.04 per cent to 17,671.65.
Tech Mahindra was the top Sensex loser, falling 3.53 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries.
UltraTech Cement, Tata Steel, Maruti, Titan and Dr Reddy's were among the top Sensex gainers, rising up to 2.61%.
"The domestic market continued to witness selling as energy and private bank stocks remained under pressure following dull global sentiments," said Vinod Nair, Head of Research at Geojit Financial Services.
Of the 30 Sensex shares, 19 ended lower.
In the previous session, Sensex tanked 1,158 points or 1.89% to close at 59,984 and Nifty plummeted 353.70 points or 1.94 per cent to 17,857.25.
ITC was the top Sensex loser tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank.
Market cap of BSE-listed firms fell to Rs 259.20 lakh crore today. On Thursday, the market cap stood at Rs 260.48 lakh crore.
BSE mid-cap and small-cap indices rose 41 points and fell 107 points, respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Market slipped further on heavy correction as stretched valuations and mixed cues in other Asian indices gave investors another reason to trim their holdings. We are of the view that the short-term trend remains weak due to the oversold situation in the market. The weekly trading set up suggests 17,800 would be the immediate hurdle for Nifty. If it succeeds to trade above the same, we can expect a pullback rally up to 17,920-18,000-18,070. On the flip side, below 17,800, the correction wave may continue up to 17,600-17,500-17,420 levels."
On the sectoral front, banking, and IT stocks led the losses today. BSE bankex crashed 503 points to 44,650 and BSE IT index ended 543 points lower at 33,491.
The market breadth was negative with 1,347 shares ending higher against 1,902 stocks closing in the red. 150 shares were unchanged.
Global markets
Japan's benchmark Nikkei 225 edged down 0.9% in morning trading to 28,559.89. South Korea's Kospi lost 0.7% to 2,988.09. Australia's S&P/ASX 200 declined 0.7% to 7,381.50. Hong Kong's Hang Seng dipped 0.8% to 25,343.14, while the Shanghai Composite shed 0.1% to 3,514.03.
The S&P 500 and Nasdaq reached new highs on Thursday, as the market more than made up for modest losses a day earlier. The S&P 500 rose 1% to 4,596.42, posting its third all-time high this week.
The Nasdaq rose 1.4%, nudging the tech-heavy index to 15448.12, above its previous record high set Sept. 7. The Dow Jones Industrial Average rose 0.7% to 35,730.48, leaving it just shy of the all-time high it set on Tuesday.
Benchmark indices ended lower for the third straight session this week amid negative global cues. Sensex plunged 677.77 points or 1.13 per cent to close at 59,306.93 and Nifty fell 185.60 points or 1.04 per cent to 17,671.65.
Tech Mahindra was the top Sensex loser, falling 3.53 per cent, followed by NTPC, IndusInd Bank, Kotak Bank and Reliance Industries.
UltraTech Cement, Tata Steel, Maruti, Titan and Dr Reddy's were among the top Sensex gainers, rising up to 2.61%.
"The domestic market continued to witness selling as energy and private bank stocks remained under pressure following dull global sentiments," said Vinod Nair, Head of Research at Geojit Financial Services.
Of the 30 Sensex shares, 19 ended lower.
In the previous session, Sensex tanked 1,158 points or 1.89% to close at 59,984 and Nifty plummeted 353.70 points or 1.94 per cent to 17,857.25.
ITC was the top Sensex loser tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank.
Market cap of BSE-listed firms fell to Rs 259.20 lakh crore today. On Thursday, the market cap stood at Rs 260.48 lakh crore.
BSE mid-cap and small-cap indices rose 41 points and fell 107 points, respectively.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Market slipped further on heavy correction as stretched valuations and mixed cues in other Asian indices gave investors another reason to trim their holdings. We are of the view that the short-term trend remains weak due to the oversold situation in the market. The weekly trading set up suggests 17,800 would be the immediate hurdle for Nifty. If it succeeds to trade above the same, we can expect a pullback rally up to 17,920-18,000-18,070. On the flip side, below 17,800, the correction wave may continue up to 17,600-17,500-17,420 levels."
On the sectoral front, banking, and IT stocks led the losses today. BSE bankex crashed 503 points to 44,650 and BSE IT index ended 543 points lower at 33,491.
The market breadth was negative with 1,347 shares ending higher against 1,902 stocks closing in the red. 150 shares were unchanged.
Global markets
Japan's benchmark Nikkei 225 edged down 0.9% in morning trading to 28,559.89. South Korea's Kospi lost 0.7% to 2,988.09. Australia's S&P/ASX 200 declined 0.7% to 7,381.50. Hong Kong's Hang Seng dipped 0.8% to 25,343.14, while the Shanghai Composite shed 0.1% to 3,514.03.
The S&P 500 and Nasdaq reached new highs on Thursday, as the market more than made up for modest losses a day earlier. The S&P 500 rose 1% to 4,596.42, posting its third all-time high this week.
The Nasdaq rose 1.4%, nudging the tech-heavy index to 15448.12, above its previous record high set Sept. 7. The Dow Jones Industrial Average rose 0.7% to 35,730.48, leaving it just shy of the all-time high it set on Tuesday.