In a turbulent day for the Indian stock markets, the Sensex witnessed a bearish trend, breaching the critical 65,000 mark, ending at its lowest closing level in the last four months.

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A similar trajectory was observed in the broader market, with both the Nifty 50 and the Midcap Index settling at their lowest closing levels in nearly two months.

The BSE Sensex, facing intense selling pressure, plummeted by 826 points to settle at 64,572, while the Nifty 50 faced a decline of 261 points, closing at 19,282. Furthermore, the Nifty Bank saw a steep slip of 572 points, ending the day at 43,151, and the Midcap Index endured a fall of 1,061 points to close at 38,817.

The Midcap Index bore the brunt of this market turmoil, posting its most substantial single-day fall in two months, with a nearly 3% decline. BSE-listed companies wiped out market capital worth nearly ₹8 lakh crore on Monday, marking their most extensive single-day market cap plunge since January 27.

The Nifty, a benchmark index, slipped below the 19,300 mark, while the Midcap Index fell beneath the 39,000 level. The Nifty Bank, in a sharp last-hour tumble, concluded the day at its lowest point.

Biggest losers on the Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports and UPL, while gainers were M&M and Bajaj Finance.

All the sectoral indices ended in the red with Metal, Information Technology, Realty, Oil & Gas, Power, Capital Goods down 2-3 percent each, while Auto, Bank, FMCG, Pharma down between 1-2 percent.

A significant portion of the Nifty stocks grappled with losses, with some falling by as much as 4%. Among the sectors that faced a sharp decline were IT stocks, which succumbed to the pressure as the US 10-year yield climbed to 5%, causing the Nifty IT index to witness a 2% drop.

Prominent market players, including HDFC, Reliance, TCS, Infosys, and L&T, were amongst the leading contributors to the Nifty's downturn. The financial sector took a hit as all Nifty Bank constituents concluded the day with losses, with HDFC Bank acting as a significant drag on the Nifty Bank, shedding 218 points.

Kotak Mahindra Bank, following its earnings report, saw a stark reversal of fortune, ending the day 2% lower. Several stocks, including Laurus, RBL, and Atul, bore the brunt of investors' reactions to earnings reports and emerged as the top losers.

First Published:Oct 23, 2023 3:53 PM IST