Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
Benchmark indices rebounded on Friday after three days of decline after buying in banks, financial services, and metal stocks.
The BSE Sensex closed 218.14 points higher to 81,224.75 on October 18 while NSE Nifty rose 104.20 points to 24,854.05.
Sensex rebounded over 800 points in today’s trading session from its day’s low of 80,409.25. The NSE Nifty rose 104.20 points to 24,854.05.
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The robust recovery in the banking and auto stocks helped the index finish in positive territory.
On Nifty 50, Axis Bank, Wipro, Eicher Motors, ICICI Bank, and Shriram Finance were among the top gainers. Axis Bank settled 5.75% higher at Rs 1,196.95 per share on the NSE. Infosys, Britannia Industries, and Asian Paints were among the major laggards.
Nifty Bank index closed at 52,094, marking a gain of 1.57%. Nifty Metal index closed the session with a gain of 1.57%, reaching 9,753.
On Nifty Bank, Axis Bank, ICICI Bank, Bank of Baroda, Canara Bank, and State Bank of India were among the top gainers.
IT stocks faced significant losses, with 70% of the Nifty IT constituents ending in the red.
Nifty FMCG closed the session in the red, down 0.51% at 61,042 points. FMCG stocks experienced significant declines in today’s session, causing the Nifty FMCG index to reach its lowest point since early August.
Shares of Zomato fell over 4% ahead of the board considering fundraising through qualified institutions placement (QIP).
Mazagon Dock Shipbuilders shares soared over 7% ahead of announcing to mull stock split and interim dividend in its board meeting.
Infosys slipped over 4% after the company delivered a slight miss in its Q2 earnings. Another tech giant Wipro’s shares surged nearly 4% after it delivered earnings that exceeded street expectations on all major fronts.
Manappuram Finance’s stock crashed around 13% after the RBI barred the gold financier’s subsidiary Asirvad Microfinance and other NBFCs from disbursing loans.
Shares of Axis Bank jumped 6% as it delivered an impressive second quarter with net profit surging to Rs 6,917.57 crore.
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