The BSE Sensex closed down 553 points, or 0.69%, at 79,389, while the National Stock Exchange’s Nifty 50 shed 135.5 points, or 0.56%, at 24,205.35. The Nifty50 fell more than 6% in October – the sharpest one-month decline for four-and-a-half years – as weaker-than-expected earnings from companies in the quarter ended September 30 raised questions about the pace of the recent run. – Increase in the market.
Hemang Jani, founder-director of equity advisory firm Finazen, said, “The market is in a phase where investors are pulling out of themes whose earnings have disappointed, there is a rebalancing process going on.” “That said, I don’t think the market is likely to correct beyond these levels.” The market will have a special 60-minute Muhurta trading session on Friday to usher in the Hindu New Year.
According to analysts, the Nifty must cross the current barrier of 24,500 for the market to start an uptrend at least momentarily.
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“A strong close above this range is needed before considering an aggressive position, as the market seems set for a phase of higher volatility,” said Rajesh Bhosale, equity technical analyst at Angel One. If the index falls below the support range of 24,100-24,000, it could result in further weakening of the Nifty towards the 23,500 level, he said.
Software exporters were the biggest losers in Thursday’s trading, with HCLTech and Tech Mahindra falling more than 3.6% after the US economy grew slower than expected in the quarter ended September 30.
Tata Consultancy Services, Infosys and Wipro all fell 2-3%, while the Nifty Information Technology index fell 3%. Among the gainers, drugmaker Cipla rose 9.5% and infrastructure major Larsen & Toubro rose 6.2%.
Sentiment in the broader market was more upbeat with the Nifty Smallcap 250 index advancing 1.5% and the Microcap 250 index advancing 2.1%. The Nifty 150 index closed down 0.2%. Of the 4,026 stocks traded on the BSE, 2,652 advanced, while 1,264 declined. Foreign portfolio investors sold shares worth `5,813 crore net, taking their selling tally to `1,09,800 crore in October. Domestic institutions including mutual funds and insurance companies were buyers of shares worth `3,515 crore. In October, they paid Rs. 1,10,500 crore were buyers, which saved the market from a sharp decline.
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