FINAL TRADE: Indices end lower for third day in a row; Nifty slips below 24,450, Sensex sheds 139 pts
In a volatile sesson, Sensex, Nifty ended lower for the third straight day, while broader markets recouped some of their previous day's sharp losses.
Indian equities in a choppy session ended lower for the third straight session on Wednesday (October 23, 2024). At the close, Nifty ended lower by 0.15 per cent or 36.6 points at 24,435.5, while the BSE 30-share Sensex slipped 0.17 per cent or 138.74 points to 80,081.98.
Broader markets, however, outperformed the frontline indices and ended higher, with Nifty Smallcap 100 index gaining over 1 per cent.
From the Nifty pack, top gainers in today's trade were Bajaj Finance, Tech Mahindra, Bajaj Auto, Tata Consumer Products and Coal India, while laggards included stocks like M&M, Sun Pharma, Power Grid Corporation, NTPC and Adani Ports.
Sectorally, in a mixed session, the Nifty IT index showed resilience, with all constituents settling in the green. Stocks from the pack including Persistent Systems and Coforge marked their fresh all-time highs after posting stellar Q2 results.
Vinod Nair, Head of Research, Geojit Financial Services said, "Investor mindset turned gloomy with the tepid earnings and a knee-jerk reaction from FIIs, which dragged the market sentiment."
However, mid and small-caps are experiencing bargain hunting following the recent decline, though the sustainability of this momentum-driven buying remains uncertain. The US 10-year yield inched higher, signalling a slower tempo of rate cuts by the Federal Reserve, which is poised for a risk-off sentiment towards EMs, added Nair.
Stocks in action
Zomato stock ended 3 per cent higher at Rs 263.85 per share even as the company hiked platform fee from Rs 6 to Rs 10 in October.
As most global brokerage reaffirmed their positive stance on Bajaj Finance, its shares ended 5 per cent higher at Rs 7,007.95 per share.
Global markets
Meanwhile, European markets traded largely muted to negative with the key Europe's Stoxx index down 0.06 per cent at the last count. Nevertheless, shrugging the subdued momentum, the German DAX index traded with mild gains.
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