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Business News/ Markets / Stock Markets/  Stock Market Today: Nifty 50, Sensex fall for second consecutive session; US Fed policy outcome in focus
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Stock Market Today: Nifty 50, Sensex fall for second consecutive session; US Fed policy outcome in focus

Nifty 50 today closed at 18,989.15, down 90 points, or 0.47 per cent while the Sensex ended 284 points, or 0.44 per cent, lower at 63,591.33.

Nifty 50 fell for the second consecutive session on Wednesday. AFP PHOTO/ Indranil MUKHERJEE (AFP)Premium
Nifty 50 fell for the second consecutive session on Wednesday. AFP PHOTO/ Indranil MUKHERJEE (AFP)

Nifty 50 today: Domestic equity benchmarks the Nifty 50 and the Sensex extended their losses into the second consecutive session on Wednesday, November 1, amid mixed global cues ahead of the US Fed policy outcome.

Investors remained cautious as they fixed their focus on the US Fed outcome. The US central bank is expected to keep benchmark interest rates steady later today. 

Market participants and experts will carefully listen to Fed Chair Jerome Powell's comments to understand the future direction of interest rates and how long they will remain elevated.

Market experts are of the view that the domestic market may see a muted response to the Fed's pause on rate hikes. 

Deepak Jasani, Head of Retail Research at HDFC Securities expects the US Fed to keep interest rates steady at the current 22-year high level on Wednesday.

Jasani said global markets, including India, are expecting the US Fed to maintain rates and hence if it comes true, by itself it may not impact their trajectory. However, in case there is any surprise (positive or negative) in the Fed's commentary, then it could have an impact on Indian markets, though less than that in other developed economies.

Also Read: US Fed outcome expected today: How will the decision impact the Indian stock market?

Nifty 50 today opened at 19,064.05 against the previous close of 19,079.60 and touched the intraday high and low of 19,096.05 and 18,973.70 respectively. The index finally closed at 18,989.15, down 90 points, or 0.47 per cent.

The Sensex opened at 63,829.87 against the previous close of 63,874.93 and touched its intraday high and low of 63,896.05 and 63,550.46 respectively. The 30-share pack ended 284 points, or 0.44 per cent, lower at 63,591.33.

Midcap and smallcap indices also suffered losses but they still outperformed the benchmarks. The BSE Midcap index fell 0.35 per cent while the Smallcap index declined 0.10 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly 310.2 lakh crore from about 311.5 lakh crore in the previous session, making investors poorer by about 1.3 lakh crore in a single session.

Meanwhile, crude oil prices rose over a per cent today. Brent crude traded 1.26 per cent higher near the $86.09 per barrel mark around 3:55 pm.

The rupee, on the other hand, dropped 3 paise to hit a one-year low of 83.29 against the US dollar on Wednesday, Bloomberg data showed.

Top gainers in the Nifty 50 index

Shares of Sun Pharma (up 2.61 per cent), BPCL (up 2.22 per cent) and HDFC Life Insurance Company (up 0.87 per cent) ended as the top gainers in the Nifty 50 index.

Top losers in the Nifty 50 index

Shares of Adani Enterprises (down 3.43 per cent), Coal India (down 2.32 per cent) and Tata Steel (down 2.19 per cent) closed as the top losers in the Nifty 50 index.

As many as 36 stocks ended in the red in the Nifty 50 index while the remaining 14 ended higher.

Sectoral indices today

Among the sectoral indices, Nifty Realty jumped 1.55 per cent, followed by Nifty Media which rose 0.88 per cent.

Among the losers, Nifty Metal fell 1.43 per cent, followed by Nifty IT which fell 0.78 per cent.

Nifty Bank closed with a loss of 0.34 per cent at 42,700.95.

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Experts' views on markets

"The domestic indices were responding to the global signals ahead of the Fed's monetary policy decision later in the day, while the global market was also assimilating to the mixed bag of US corporate earnings reports. Markets anticipate a status quo in the Fed policy, however, sustenance of the high rate for a prolonged period is the issue," said Vinod Nair, Head of Research at Geojit Financial Services.

"Ease in demand, as reflected by October PMI data, led to more cautiousness in India compared to Asian and European peers. However, good H1 (first half of the year) gross tax collection and in-line expectation monthly volume demand by the auto sector, resulted in a minimal negative effect," Nair said.

Prashanth Tapse, Senior VP (Research) at Mehta Equities observed that investors continued to trade with caution and trimmed their equity exposure as markets extended fall for the second straight session amid selling in metal, power, auto and banking stocks while gains in telecom stocks curbed losses.

Tapse said FIIs offloading shares in the domestic market continues to hurt sentiment while strong US growth indicators indicate that interest rates may stay elevated going ahead. Investors sentiment was also primarily clouded by lingering concerns about corporate India’s Q2 earnings which as of now is uninspiring.

Technical views on Nifty 50

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said that Nifty successfully held the 18,940 support level. 

He further added that the immediate resistance on the upside is at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range. Conversely, if the lower-end support at 18,940 is breached on a closing basis, it could intensify selling pressure, potentially pushing the index to new lows, said Shah.

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

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Published: 01 Nov 2023, 03:30 PM IST
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