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Business News/ Markets / Stock Markets/  Adani Ent, L&T, Tata Motors among top 10 stocks that led Nifty 50's near 1,000-point fall in 6 sessions
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Adani Ent, L&T, Tata Motors among top 10 stocks that led Nifty 50's near 1,000-point fall in 6 sessions

In the last one week, the Nifty 50 has fallen over 3.8%. The index has fallen nearly 1,000 points in just six sessions. The 30-stock index BSE Sensex has lost over 3,000 points during the same time.

Shares of Adani Enterprises, UPL, Cipla, LTI Mindtree, Tata Motors, Larsen & Toubro, among others have fallen the most in the last one week.Premium
Shares of Adani Enterprises, UPL, Cipla, LTI Mindtree, Tata Motors, Larsen & Toubro, among others have fallen the most in the last one week.

The Indian stock market today continued to witness sharp selloff with the benchmark indices falling for the sixth straight session amid weak global cues. The BSE Sensex crashed over 800 points, or 1.3%, while the Nifty 50 slipped over 250 points to below 18,900 level. 

In the last one week, the Nifty 50 has fallen over 3.8%. The index has fallen nearly 1,000 points in just six sessions. The 30-stock index BSE Sensex has lost over 3,000 points during the same time.

Also Read: Nifty 50 plummets 3.7% in October so far, biggest monthly drop since September 2022

“There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth, too, when the global economy is already in the midst of a slowdown," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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In the near-term, however, he said, the strongest headwind for the market is the stubbornly high US bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode.

“The market was looking for some reason to correct as the valuation was not comfortable and finally, that correction happened. The main reason for correction can be attributed to the worsening of geo-political tension, rising US yield and profit booking before the upcoming election," said Mukesh Kochar, National Head of Wealth at AUM Capital.

Shares of Adani Enterprises, UPL, Cipla, LTI Mindtree, Tata Motors, Larsen & Toubro, among others have fallen the most in the last one week.

The biggest drag on the Nifty 50 index in the last one week have been Adani Enterprises shares. The stock has cracked 8.6% in one week.

Adani Enterprises shares are followed by UPL shares that have fallen 8.1% during the same period.

Also Read: Stock market today: Why Sensex crashed 3,000 points in six days — explained

LTIMindtree and Cipla shares declined over 7% each, while Divi’s Laboratories and Tata Motors have fallen over 6% each in one week.

L&T, BPCL, JSW Steel, Tech Mahindra, Grasim Industries, Hindalco Industries, Hero MotoCorp, Infosys and HDFC Life Insurance Company shares have all fallen more than 5% each during the past one week period.

All other Nifty 50 constituents were down in the range of 2%-4% during the said period.

“Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates," Vijayakumar said.

The foreign investors have been dumping Indian equities persistently. The foreign institutional investors (FII) have sold Indian shares worth around 17,400 crore in October so far. The FII selling comes after over 47,000 crore-worth combined outflow in August and September.

“FII has also increased their pace of selling and that might continue in the short term until rates pick out there," Kochar said.

He believes long-term investors do not need to do much and the only thing they can do is to add on in dip and stay with quality. 

“The market may look reasonable in terms of the valuation if it corrects 300-400 points more from here and geo-political risk stablises although no one can predict the top or bottom in the short term," he added.

At 11:45 am, the Sensex was trading 767.75 points, or 1.20%, lower at 63,281.31, while the Nifty 50 traded at 18,875.95, down 246.20 points, or 1.29%.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 26 Oct 2023, 11:49 AM IST
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