Stock market closes lower amid continued foreign outflows and lackluster earnings
Oct 23, 2024
New Delhi [India], October 23 : Indian benchmark indices, Nifty and Sensex, traded lower on Wednesday amid lacklustre earnings and continued foreign outflows.
The Nifty 50 on the National Stock Exchange ended at 24,435.50, declining by about 36 points, while the Sensex closed at 80,081.98, down approximately 138 points.
On the NSE, Bajaj Finance, Tech Mahindra, Tata Consumer Products, Bajaj Auto, and HDFC Bank were the top gainers, while Mahindra & Mahindra, Sun Pharma, Eicher Motors, Shriram Finance, and PowerGrid were the top losers during today's trading hours.
Sector-wise, Bank, Auto, Metal, Pharma, Private Bank, Realty, Healthcare, and Oil and Gas all traded in the red, while others remained in the green.
"Investor sentiment turned cautious due to disappointing earnings and a reactive stance from foreign institutional investors (FIIs). Concerns over expensive valuations, muted earnings from major companies, and rising geopolitical tensions further weighed on the market. Companies reporting below-estimate earnings faced significant selloffs, while those exceeding expectations saw stock prices hit record highs," said Varun Aggarwal, MD of Profit Idea, commenting on the market.
"We can't control global events, though we are aware of the extreme market reactions that follow. Given that recoveries are often sharp and concentrated into a few days, the bigger risk is staying out of the markets," said Ajay Bagga, Banking and Market Expert.
"Amid these developments, Nifty can expect support near 24,135 and 23,920, with resistance around 24,440 and 24,590 in the next session," said VLA Ambala, Research Analyst and Co-Founder of Stock Market Today.
The selling pressure continued in Indian markets on Wednesday, marking the third consecutive day this week that the bears have dragged the indices down.
However, experts highlighted that the long-term outlook for Indian stocks remains positive, with the current market selloff driven by global events beyond domestic control.
