Sensex Ends 126 Points Lower at 73,124; Smallcaps Fall 3%

The Sensex ended 125.56 points lower at 73,123.83 on Friday, 23 October, its fourth straight fall, and the Nifty 50 lost 87.65 points to close at 22,600. Broader markets fell harder than the benchmarks: the Nifty Midcap 100 dropped more than 2% and the Nifty Smallcap 100 about 3%, according to Business Standard and ChiniMandi. Traders pointed to higher crude prices and tension in West Asia.

Realty and Metal Stocks Take the Hit

All sectoral indices closed in the red, ChiniMandi reported. Realty and consumer durables fell about 3% each, while energy, metal and public-sector bank indices lost around 2%. Shriram Finance, Adani Enterprises and Tata Steel were among the biggest Nifty losers. Eternal, Apollo Hospitals, Infosys and TCS gained. India VIX, the market’s fear gauge, rose 6.34% to 16.76.

The rupee ended at 94.94 against the dollar, from 94.82 on Thursday. A weaker rupee makes imported fuel and electronics costlier.

Four Losses in a Row, Smallcaps Lead the Slide

The Sensex had slipped as much as 669 points at noon, and its closing loss was far smaller. The fall comes after the Nifty ended Thursday at 22,687, its third straight loss. HDFC Sky reported Brent crude rose 4% overnight to $113.17 a barrel, on reports of possible fresh US and Israeli strikes on Iran. We reported the noon fall here and Thursday’s close here.

Support Near 22,500 for the Nifty

LKP Securities analyst Vatsal Bhuva told Business Standard that 22,500 is immediate support for the Nifty and 22,200 the next floor, with resistance at 22,700-22,800. He flagged Brent above $110 as a risk. Markets reopen on Monday, 26 October.

Source: Based on reporting by Business Standard, ChiniMandi and HDFC Sky.

Image: IANS.