Last Updated: October 20, 2023, 15:48 IST
Sensex Today: The fairness market languished within the unfavorable zone on Friday mirroring the weak sentiment globally after the ten-12 months US Treasury bond yields hit the 5 per cent threshold. A contemporary spike in Brent Crude Oil costs above $93-stage additionally weighed on the sentiment.
The S&P BSE Sensex touched a low of 65,309, and thereafter exhibited lacklustre motion all through the day with shopping for seen personal banking shares, whereas promoting in FMCG and steel shares. The Sensex lastly ended 232 factors decrease at 65,398. In the method, the BSE benchmark has shed 1,031 factors within the final three straight buying and selling periods.
The NSE Nifty 50 hit a low of 19,519, and ultimately settled with a lack of 82 factors at 19,543.
Among the Senesex 30 shares, FMCG heavyweights ITC and Hindustan Unilever tanked 3 per cent and a couple of per cent, respectively, a day after reporting Q2 outcomes. Tata Steel too was down 2 per cent.
SBI, Power Grid, Axis Bank, JSW Steel, Larsen & Toubro and Mahindra & Mahindra had been the opposite outstanding losers. On the flip facet, Kotak Bank gained practically 2 per cent. IndusInd Bank, TCS and NTPC additionally completed notably greater.
In the broader market, the BSE MidCap index shed a per cent, whereas the SmallCap declined 0.8 per cent.
Dr. V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned: “The US 10-year yield hovering around 5% continues to be a headwind for equity markets. The volatile situation in West Asia, though being largely ignored by the market now, can pose additional near-term challenges. FPIs are likely to remain sellers putting pressure on banking stocks which constitute the major share of their AUM. This provides an opportunity for domestic investors to buy these stocks which are available at fair valuations. Latest data shows that India’s food grain production is at record high and this can keep food inflation under control. The implication is that the MPC will go for a long pause and this is favourable for banking stocks.”
