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Sensex loses over 100 points at the start of the trade; Nifty slips below 18,100

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The benchmark Sensex equity index opened on a choppy note on October 25 and lost more than 100 points following losses in the major Infosys, HDFC Bank and Kotak Bank indices, despite a largely positive trend in global markets.

The 30-stock index opened on a positive note but quickly reduced gains and traded 114.93 points or 0.19% lower at 60,706.69 in initial trades. Likewise, the Nifty lost 58.55 points or 0.32% to 18,056.35.

Asian Paints was the big loser in the Sensex pack, losing around 3%, followed by IndusInd Bank, HCL Tech, Bharti Airtel, Kotak Bank and Bajaj Auto.

On the other hand, ICICI Bank zoomed 8% into solid earnings. Axis Bank, M&M and NTPC were among the other winners.

In the previous session, the 30-stock index lost 101.88 points or 0.17% to 60,821.62, and the larger NSE Nifty lost 63.20 points or 0.35% to close at 18 114.90.

Foreign Institutional Investors (FIIs) have been net sellers in the capital market as they unloaded shares worth 2,697.70 crore on October 22, according to exchange data.

Domestic stocks appear to be muted for now, said Binod Modi Head-Strategy at Reliance Securities.

“High input costs have negatively impacted the margins and profitability of some consumer and manufacturing companies despite steady growth in volume and sales.

“This essentially raises concerns about the sustainability of the earnings rebound over the following quarters, which weighed on sentiment. However, despite this overall performance so far, strong revenue growth has contributed to growth at two figures for profits, ”he said.

In his view, the market may remain volatile with a short-term bearish bias and investors will follow the pricing power of industries.

Elsewhere in Asia, the Shanghai, Hong Kong and Seoul stock exchanges were trading with gains in mid-session trades, while Tokyo was in the red.

Meanwhile, international benchmark Brent crude oil rose 0.79% to $ 85.31 a barrel.

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2/ https://www.thehindu.com/business/markets/sensex-drops-over-100-points-in-early-trade-nifty-slips-below-18100/article37156968.ece

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