Indian stock market closed today’s (October 23) session on a lower note amid broad based selloff, continuing its four-day losing streak. The Nifty50 closed the trade 87.65 points or 0.39 per cent lower at 22,600, while the 30-stock BSE Sensex dropped 125.56 points or 0.17 per cent to settle at 73,123.83. The market breadth remained in the favour of bears. Out of 3,724 stocks traded on the NSE, 624 advanced, while 3,011 stocks declined, and 89 scrips remained unchanged. In today’s session, 23 stocks hit a fresh 52-week high, while 655 stocks were at a new 52-week low.
For the week, Nifty 50 closed 2.4 per cent lower, while the 30-stock index settled 2.03 per cent lower.
Shriram Finance’s shares fell the most in the Nifty50, closing 4 per cent lower. It was followed by Tata Steel, JSW Steel, Jio Financial Services, Tata Steel, and many others. On the other hand, Eternal, Apollo Hospitals, ONGC, Asian Paints, and TCS were the five major gainers in the index.
The key concern in today’s market is the disproportionately sharp correction in mid- and small-caps relative to the Nifty. Valuation concerns and unwinding of leveraged positions, combined with surging crude prices and weak global cues, have intensified pressure on the broader market. The rise in India VIX also indicates that near-term volatility will persist.
“Continued Middle East tensions could keep crude prices high, while the AI-led global equity sell-off continues to weigh on risk appetite. Going forward, inflation trends and the response of major central banks in balancing inflation and growth will be critical to market direction. In this environment, we expect stock- and sector-specific opportunities to dominate, with earnings visibility and valuation comfort emerging as the key differentiators,” said Vinod Nair, Head of Research at Geojit Investments.
Among the sectoral indices, Nifty Metal, Nifty Consumer Durables, and PSU Bank were the major sectoral drags. However, Nifty IT bucked the trend in the morning but gave up gains in the later hours.
Sparsh Bansal is the Chief Copy Editor with ET Now Digital. He writes extensively on equity markets, IPO, with a passion for financial markets and a sharp eye to detect patterns, I extensively cover IPOs, stock movements, and investment strategies that shape India’s economic landscape.
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