Sensex Slips 669 Points to 72,581 at Noon as Midcaps Drop 2.5%
Image: IANS
The Sensex was down 669 points, or 0.91 per cent, at 72,581 around noon on Friday, 23 October, after the market opened higher and then reversed, Business Standard’s live market blog reported. The Nifty 50 traded near 22,420, below Thursday’s close of 22,688. Traders pointed to Brent crude near $114 a barrel and tension over oil supply from West Asia.
Midcaps and Smallcaps Take the Heavier Hit
The fall was sharper outside the large companies. The Nifty Midcap index lost 2.54 per cent and the Nifty Smallcap index 3.45 per cent by noon. Metal and realty stocks fell the most, with Hindalco, Adani Enterprises and Tata Steel among the biggest losers on the Nifty. India VIX, the measure of expected volatility, rose 6.6 per cent to 16.80.
IT stocks went the other way. Nifty IT gained, and ETV Bharat reported in early trade that TCS was up more than 3 per cent, helped by value buying ahead of Infosys’s results later in the day.
A Rebound That Did Not Last
Early on, the Sensex was up about 188 points at 73,437, ending a three-session losing run on Thursday’s close of 73,249. By 11 AM it had turned negative, at 72,681. On Thursday, foreign institutional investors sold shares worth Rs 3,458.70 crore while domestic institutions bought Rs 2,891.32 crore, according to exchange data cited by ETV Bharat.
Oil is the common thread. Brent December futures were near $113.9, and prices eased only slightly after the United States invoked a Cold War-era Defence Act to encourage oil and gas production. Higher crude raises India’s import bill and adds to inflation worries.
Results and the Jio Issue in Focus
Infosys, Dr Reddy’s Laboratories, BPCL, Bank of India, Adani Power, Coforge and Godrej Properties report July-September results today. The Rs 30,213 crore Jio Platforms IPO closes for bidding the same day; it was subscribed about 6.9 times by noon, according to HDFC Sky, with allotment due on 26 October. Analysts quoted by ETV Bharat said money returning to the market after the Jio allotment could support large-cap stocks.
Earlier, IPB reported on Thursday’s 460-point fall and the Jio Platforms IPO. More market coverage is in Economy. Closing figures follow after the 3:30 PM bell.
Source: Based on reporting by Business Standard, ETV Bharat (PTI) and HDFC Sky.
Image: IANS.
