Stock markets end in red amid mixed global cues, profit-booking
Mumbai (Maharashtra) [India], October 15 (ANI): The Indian stock market closed in negative territory on Tuesday, erasing early gains after a positive start at the opening bell. The Sensex, which opened at 81,820.12, ended the day 152.93 points down, closing at 81,667.19. Meanwhile, the Nifty fell by 70.60 points to settle at 25,057.35.
The market’s performance reflected cautious sentiment, with 18 of the Nifty 50 stocks advancing while 30 declined. Among the top gainers were BPCL, ICICI Bank, Bharti Airtel, Britannia, and Asian Paints, while HDFC Life, Wipro, Bajaj Auto, Bajaj Finance, and Hindalco were the biggest losers.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the market’s downturn to a combination of global trends and profit-booking. He commented, “The domestic market experienced a downturn, influenced by mixed global trends and partial profit-booking.”
He further added, “While falling crude prices are positive for the domestic economy, they also indicate weakening global demand. Additionally, India’s CPI has surged due to rising food prices, which will likely delay the expected rate cuts. Furthermore, subdued corporate Q2 results are leading to a more cautious stance.”
The market’s recent slide has been significant, with the Sensex and Nifty losing 6 per cent this month amid global uncertainty and domestic economic concerns.
Despite the overall negative sentiment, some sectors displayed resilience. The Bank Nifty and Financial Services sectors showed signs of recovery, supported by the Monetary Policy Committee’s decision to keep the repo rate unchanged at 6.5 per cent. This move is expected to maintain liquidity in the financial sector and support banking stocks.
Other sectors, such as Realty, FMCG, IT, and Energy, also saw pockets of trading opportunities, although gains were limited by profit-booking. The markets were further weighed down by concerns over high inflation and mixed corporate earnings reports for the second quarter, prompting investors to adopt a cautious approach.
The market’s decline reflects broader concerns over global economic trends and domestic inflation pressures. As traders assess the outlook for interest rates, crude oil prices, and corporate performance, market volatility may persist in the near term. Investors will closely monitor inflation data, earnings announcements, and global developments to gauge the future direction of the market.
Overall, while some sectors have shown resilience, market sentiment remains subdued, with profit-booking and mixed economic signals keeping investors cautious.