FINAL TRADE: Sensex ends 116 pts lower, Nifty settles at 19,732; metal stocks shine
Stock market news: At close, the S&P BSE Sensex stood at 66,166.93 levels, down 116 points, or 0.17 per cent while the NSEs Nifty ended at 19,731.75, down 19 points, or 0.1 per cent.
Stock market news: Geopolitical tensions continued to weigh on investor sentiment as domestic equities settled in negative territory for the third straight day on Monday, October 16. At close, the S&P BSE Sensex stood at 66,166.93 levels, down 116 points, or 0.17 per cent while the NSE's Nifty ended at 19,731.75, down 19 points, or 0.1 per cent.
"Persistent geopolitical tensions continue to weigh down the sentiment on equity, yet the mid-and small-cap index witnessed bargain hunting ahead of festival-driven demand and an optimistic Q2 result. If the oil price moves higher in a sustained manner, it may elevate yields and operation costs, potentially straining margins in H2FY24. As the earnings season gets into full swing, investors will be more inclined to take a bottom-up approach to restructure their portfolios," said Vinod Nair, Head of Research at Geojit Financial Services.
In the Sensex pack, Tata Steel (up 1.60 per cent) emerged as the biggest gainer, followed by JSW Steel (up 1.51 per cent), and HCL Tech (up 1.20 per cent). Nestle India, on the other hand, ended as the top loser on the index, down 1.94 per cent.
On the sectoral front, metal stocks gained the most. The S&P BSE METAL index rallied 1.37 per cent. Consumer durable stocks also gained in the trade.
In the broader market, the S&P BSE MidCap index rose 0.25 per cent while the S&P BSE SmallCap index ended 0.34 per cent higher.
GLOBAL MARKETS
UK's FTSE 100 opened the week slightly higher, helped by a boost in commodity-linked stocks amid concerns around an escalation of the conflict in the Middle East. Asian equities slid and the safe-haven dollar was firm amid heightened anxiety over the escalating violence in Gaza and prospects that the conflict could spread beyond Israel and Hamas into the wider region.
In the commodity market, Brent oil futures steadied above $90 a barrel on Monday after passing the threshold on Friday, as investors waited to see if the Israel-Hamas conflict draws in other countries. Brent futures were down 39 cents, or 0.43 per cent, at $90.50 a barrel. US West Texas Intermediate (WTI) crude fell 26 cents, or 0.3 per cent, to $87.43 a barrel.
(With inputs from Reuters)
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