MUMBAI, October 19 (ANI) — Indian stock markets closed sharply lower on Monday as weakness in private bank stocks, disappointing corporate earnings and rising crude oil prices weighed on investor sentiment.
The Nifty 50 index closed at 22,888.95, declining 257.20 points, or 1.11%. The BSE Sensex fell 876.37 points, or 1.17%, to settle at 73,852.90.
Selling pressure was widespread across sectors, with almost all sectoral indices on the National Stock Exchange closing in negative territory. The Nifty PSU Bank index was the only major sectoral index to finish in positive territory, rising 2.41%.
Among other sectors, the Nifty IT index declined 1.56%, while the Nifty FMCG index fell 1.40%. The Nifty Auto index lost 0.80%, the Nifty Metal index declined 0.78%, and the Nifty Pharma index slipped 0.77%.
Axis Bank was among the biggest losers in the Nifty 50, falling more than 4%. TMPV, Infosys and UltraTech Cement were also among the major laggards. On the other hand, SBI, JSW Steel, Eicher Motors and Adani Ports were among the top gainers.
Vikram Kasat, chief business officer for advisory and dealing at PL Capital, said weakness in private banks, earnings that fell short of expectations and cautious global sentiment had intensified profit-taking.
“Private banking weakness, disappointing earnings relative to expectations and cautious global sentiment intensified profit-booking, while PSU banks showed relative resilience,” Kasat said.
He said markets could remain volatile, with investors likely to track corporate earnings, oil prices and currency stability.
Brent crude was trading at $108.50 per barrel at the time of reporting, keeping concerns over imported inflation and corporate costs in focus.
Rajeev Sharan, head of research at Brickwork Ratings, said the rupee had strengthened for a seventh consecutive session on Monday, touching 94.8 in early trading and hovering near 94.95 per dollar. The currency held on to its sharp recovery from nearly 97 earlier this month.
“Friday’s RBI data shows the cost: reserves fell by another USD 8.6 billion to USD 726 billion for the week ended October 9, taking the total drawdown since early September to nearly USD 60 billion. That matters because the central bank did not just talk down currency speculators; it spent heavily to build an artificial floor before tightening its rules. While foreign investors briefly turned buyers of Rs 1,166 crore on Friday, Brent crude pushing towards USD 110 means the RBI cannot buy calm forever, and market fundamentals must now take over,” Sharan said.
In commodities, gold prices remained largely flat at Rs. 148,085 per 10 grams for 24-karat gold, while silver traded higher at Rs. 211,351 per kilogram.
Asian markets were mixed. Japan’s Nikkei 225 declined 0.64% to close at 64,910, Singapore’s Straits Times fell 0.07% to 5,412, and Taiwan’s weighted index slipped 0.62% to 46,822. South Korea’s KOSPI rose 1.73% to 5,768, while Hong Kong’s Hang Seng gained 0.51% to 24,186. (ANI)
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