Last Updated: October 26, 2023, 15:57 IST
Sensex Today: Market promote-off entered sixth day Thursday as tensions in West Asia, coupled with sticky US Treasury yields at round 5 per cent, triggered danger-off sentiment amongst buyers. Back house, combined Q2Fy24 outcomes, so far, are doing little to trim the slide.
The NSE’s Nifty50, in the meantime, shut store at 18,857, falling 265 factors or 1.41 per cent. It hit an intraday low of 18,843.
26 of the 30 Sensex shares and 46 of the 50 Nifty shares nursed losses led by M&M, Bajaj Finance, UPL, Bajaj Finserv, Tech M, Nestle India, Asian Paints, Titan Company, BPCL, Adani Enterprises, HDFC Bank, Kotak Bank, ONGC, Apollo Hospitals, SBI, Dr Reddy’s Labs, Bharti Airtel, HDFC Life, Coal India, and Bajaj Auto. All these shares cracked between 1.5 per cent and 4 per cent.
In the broader market, the BSE MidCap index shed 0.94 per cent, and the BSE SmallCap index fell 0.19 per cent.
Sectorally, the Nifty Financial Services index fell probably the most on this broad-primarily based promoting. The index dropped 1.5 per cent, adopted by the Nifty Metal index (down 1.5 per cent), and the Nifty Private Bank index (down 1.27 per cent).
V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned: “There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long, it has the potential to impact global growth, too, when the global economy is already in the midst of a slowdown.”
“In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5%, FPIs are likely to be in the sell mode,” he added.
“Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates,” Vijaykumar defined.
