Business Economy


Stock Markets end lower with Nifty below 22,700

New Delhi, Oct 22 (UNI) Indian Stock Markets on Thursday ended lower for the third consecutive session with the Nifty slipping below 22,700.
Markets reacted to the escalating geopolitical tensions pushed crude oil prices above $110 per barrel. At close, the Sensex was down 460.30 points or 0.62 percent at 73,249.39, and the Nifty was down 123.70 points or 0.54 percent at 22,687.65.

The market opened lower and remained in negative territory for most of the session. The Nifty fell below 22,600 intraday amid broad-based selling across sectors, but recovered from the day's low of 22,554.85 to close above 22,650.

Among the sectors, all the indices ended in the red. Key names like Auto, Consumer Durable, Oil & Gas, Information Technology, Energy and FMCG were down 0.5-1.7 percent, while Media index shed 2.3 percent.
On Nifty, the biggest Nifty losers were Nestle India, Tata Motors Passenger Vehicles, HDFC Life, Tech Mahindra, Reliance Industries, while gainers included Bajaj Finance, Cipla, SBI, Bajaj Auto and ICICI Bank. Indian rupee snapped its eight-session gaining streak falling 36 paise to close at 94.82 per dollar, compared with the previous close of 94.46.
More than 480 stocks touched 52-week low, including CreditAccess Grameen, MM Financial, SRF, Swiggy, Garden Reach Shipbuilders, Mazagon Dock Shipbuilders, Bombay Burmah, Vishal Mega Mart, UTI AMC, Kama Holdings, SBI Life Insurance, Avenue Supermarts, Power Grid Corporation, Max Healthcare, NAVA, TMPV, Finolex Industries, Lupin, Colgate-Palmolive and Fortis Healthcare, among others.
Vinod Nair, Head of Research, Geojit Investments Limited said, "Inflation concerns took centre stage today as renewed escalation in West Asia sent crude prices sharply higher. The rupee reversed its recent trend, weakening steadily through the session, which weighed on investor sentiment. Although the benchmark indices attempted a recovery led by banking stocks, the move failed to sustain at higher levels. With domestic bond yields climbing back to recent highs, equity valuation premiums came under renewed scrutiny, and selling broadened across almost all sectors."
"Consequently, tracking negative global cues ahead of Japan’s inflation data, Indian equities ended lower after a volatile session, with mid- and small-cap segments underperforming large caps. In the near term, foreign flows could remain under pressure as investors stay cautious on yields ahead of next week's policy decisions by the Fed, ECB and BoJ. Domestically, market direction will depend on Q2 earnings delivery, as investors react to management commentary on the demand outlook for the coming quarters."
UNI VK BM
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