Sensex Falls 353 Points to 73,246; Nifty Ends at 22,699

The Sensex closed 352.64 points, or 0.48%, lower at 73,246.03 on Wednesday, 28 October, and the Nifty 50 ended 50.90 points down at 22,698.85, according to closing-bell reports. Falls in Infosys, Reliance Industries and other IT stocks, and a rise in crude oil, outweighed gains in Larsen & Toubro, Bosch and TVS Motor, with investors also waiting for the US Federal Reserve’s rate decision.

IT and Reliance Drag the Indexes

Reliance Industries was the biggest drag on the Nifty, taking off 55.86 points. Infosys fell more than 3% and cost the index 30.80 points, and Bharti Airtel took off another 20.93. TCS, Tech Mahindra and HCL Technologies also fell, and the Nifty IT index ended 1.98% lower, DSIJ reported.

Larsen & Toubro rose 3.72% after reporting a 32.5% jump in September-quarter consolidated net profit to ₹5,202.10 crore. Bosch gained more than 4% and TVS Motor more than 3% after their results. Nifty Auto was the best sector, up 1.45%.

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

Smallcaps Rise Again

Broader markets did better than the benchmarks. Nifty Smallcap 100 rose 0.90% and Nifty Midcap added 0.43%. Of 3,678 stocks traded, 1,930 advanced and 1,628 declined. The Sensex had closed at 73,598.67 on Tuesday, as covered in our previous market close report.

Brent crude rose about 1.36% to $115.40 a barrel, DSIJ said, citing supply worries in the Middle East after an attack on a Saudi Arabian refinery. Foreign institutional investors bought ₹4,240.39 crore of equities on 27 October, while domestic institutions sold ₹1,250.03 crore, the latest data available.

Fed Decision Next

Analyst Hitesh Tailor of Choice Broking said the sharp opening gap, elevated crude and the Fed’s policy decision could keep volatility high. Traders will look to the Fed’s announcement and the next round of quarterly results for direction on Thursday. More business coverage is on our Economy page.

Source: Based on reporting by DSIJ, India TV and The Sen Times.

Image: PTI (file photo).