Sensex Declines by 353 Points, Nifty Closes Below 22,700 on October 28
The Indian stock market faced a downturn for the second consecutive day, with significant losses in Oil & Gas and IT sectors.
Sensex dropped 353 points, closing at 73,246.03.
Nifty50 ended at 22,698.85, marking a 0.22% decline.
Nifty Bank and Midcap indices showed resilience, closing in the green.
On October 28, the Indian stock market recorded a decline for the second consecutive session, with the BSE Sensex falling by 353 points to settle at 73,246.03. The Nifty50 index also slipped below the 22,700 mark, closing at 22,698.85, down by 50.90 points or 0.22%. This downturn was primarily influenced by losses in the Oil & Gas and IT sectors, which weighed heavily on market performance.
The trading session witnessed a mixed market breadth, with 1,960 stocks advancing against 1,584 declining out of 3,669 stocks traded on the NSE. Notably, 38 stocks reached new 52-week highs, while 147 stocks hit new lows. Infosys led the losses in the Nifty50, closing down 3.4%, followed by other major players like Reliance Industries and ONGC. Conversely, Apollo Hospitals and L&T emerged as significant gainers during the session.
Despite the overall market decline, the Nifty Bank index managed to close above the 54,000 mark, with AU Small Finance Bank and IDFC First Bank among the top gainers. The Nifty Midcap 100 also showed positive momentum, marking its third consecutive day in the green. Sector-wise, Nifty Auto, Nifty Media, and Nifty Pharma indices performed well, while Nifty Oil & Gas and Nifty IT faced the most significant losses.
The Nifty index has been trading sideways within the range of 22,370 to 22,850 for five consecutive sessions. Analysts suggest that a decisive move above 22,850 could push the index towards the 23,200 level, while a fall below 22,370 might drag it down to 22,180. Market volatility is expected to remain high due to the upcoming monthly derivatives expiry and the US Federal Reserve's interest rate decision.
Looking ahead, traders will be closely monitoring these key levels and external factors, including the anticipated US Fed decision on interest rates, which could significantly impact market sentiment. The upcoming trading sessions will be crucial in determining the market's direction as investors navigate these challenges.
