FINAL TRADE: Sensex tumbles 523 pts, Nifty settles at 19,122 amid heavy sell-off; metals gain

Stock market today: The Indian stock market closed lower on Wednesday, October 25, amid broad-based selling. Heavy selling was seen in financial services and IT stocks, which slipped over 1 per cent. Only metal stocks shined throughout the trading session. Globally, continued tensions in the Middle East hurt sentiments.

At close, the S&P BSE Sensex was down 522.82 points, or 0.81 per cent at 64,049.06, and the NSE Nifty was down 159.6 points, or 0.83 per cent at 19,122.15.

"Nifty, taking cues from the global market, concluded the day on a negative note down by 0.83%, with the majority of sectoral indices also doing so. The Nifty IT and Nifty Reality were top beaten-down sectors, down by 1.03 per cent and 0.96 per cent Because of the geopolitical escalation of the Israel-Hamas war, the markets are responding to the ongoing uncertainty. In addition to these, other factors such as a rise in the dollar index, a rise in bond yields, a weaker than anticipated third-quarter profit from major corporations, and changes in the price of crude oil all contribute to market bearishness," said Vaibhav Vidwani, Research Analyst, BONANZA PORTFOLIO LTD.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 closed in negative territory.

High-beta Nifty Bank was also down 0.74 per cent at 42,832.

In the Nifty basket, 40 stocks finished in negative territory, with Apollo Hospitals, Adani Enterprises, SBI Life, Cipla, and Eicher Motors being the worst hit with losses to the tune of 1.74 to over 2.41 per cent. Conversely, Tata Steel, Coal India, Hindalco, Tata Consumer, and SBI were the top gainers, rising between 0.60-1.08 per cent for the day.

Infosys, Bharti Airtel, and NTPC were the top stocks that dragged down the 30-scrip index.

TECHNICAL VIEW 

"The short-term trend is negative and minor degree pullbacks are being sold into. Considering the sharp fall in the last couple of trading sessions, there can be consolidation, however, it is likely to be a temporary pause. On the downside, the Nifty is likely to drift towards 19000 from a short term perspective. On the way up 19350 – 19370 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Further, for Nifty Bank Gedia said it is likely to continue to drift lower towards 42500 from a short term perspective. Intraday minor pullbacks should be sold into. Crucial resistance is placed at 43000 – 43100 while support is placed at 42600 – 42500.

BUZZING STOCKS 

Welspun India shares closed over 11 per cent higher after the company reported its Q2 numbers.

Kewal Kiran Clothing shares were up over 8 per cent post-Q2.

Amber Enterprises shares were up over 6 per cent after brokerages raised target price.

Conversely, PNB Housing Finance shares were down over 1 per cent post-Q2 results.

Mahindra Logistics shares were down nearly 2 per cent after the company posted its Q2 results.

GLOBAL MARKETS 

Asian shares advanced Wednesday, tracking gains on Wall Street after Verizon and other big companies reported fatter profits for the summer than expected. Benchmarks rose in Hong Kong, Tokyo, and Shanghai but fell in Seoul and Sydney. US futures were mixed, and oil prices declined.

As the pace of profit reports picks up, the hope is that companies will report their first growth in a year. Such strength is crucial for stock markets, which have slumped under the weight of higher bond yields.

(with agency inputs)

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