In a largely rangebound trading session, the Indian stock market experienced minor cuts as investors remained cautious. The Nifty 50 index slipped below the 19,000 mark, closing at 18,989, down by 90 points. Meanwhile, the BSE Sensex recorded a fall of 284 points, closing at 63,591, remaining below the 64,000 threshold.

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Top losers on the Nifty included Adani Enterprises, Coal India, Adani Ports, SBI Life Insurance and Asian Paints, while gainers were Sun Pharma, BPCL, HDFC Life, Tata Consumer Products and Reliance Industries.

Except healthcare, oil & gas and realty all other sectoral indices ended in the red with auto, capital goods, metal, Information Technology and power down 0.5-1.5 percent each.

Among sectoral indices, the Nifty Bank index dropped 145 points to reach 42,701, while the Midcap Index also declined by 102 points, closing at 38,775.

The metal sector witnessed a dip as JSPL (Jindal Steel and Power Limited) disappointed with its Q2 performance, leading to a decline in metal stocks by 2-7%.

UPL, on the other hand, extended its losing streak in response to weak Q2 results, marking a 5% decline over the last three sessions.

Sun Pharma managed to close with a gain of over 2% as its Q2 earnings were in line with expectations.

Tata Consultancy Services reported earnings that were largely in line with estimates, although the stock closed off its highs for the session.

A fall in crude oil prices provided a boost to Oil Marketing Companies (OMCs) like BPCL, HPCL, and IOC, which saw gains of 2-3%.

Despite strong earnings, Indraprastha Gas Limited (IGL) remained under pressure, closing down by 1%.

Better-than-expected earnings failed to lift Rural Electrification Corporation (REC) stock, which ended the session with a 1% decline.

Earnings reports had a notable impact on India Cements and Ambuja, both of which saw sharp reactions, resulting in declines of 4-5%.

Max Financial reported a miss in Q2 earnings, leading to a 3% decline in the stock.

The Indian Rupee closed at a record low of 83.29 against the US Dollar, reflecting ongoing economic uncertainties and market dynamics

First Published:Nov 1, 2023 3:42 PM IST