2 hrs ago
Indian Markets Extend Slide as Nifty Hits 52-Week Low
Indian share prices fell again on Thursday.
The Nifty 50 briefly reached its lowest level in a year and closed down 1.64 per cent.
The total market value of companies listed on the BSE fell by about Rs 12.64 lakh crore over two sessions.
Many kinds of shares declined, especially metal, realty and energy stocks, while IT shares held up better.
Smaller and mid-sized company share indexes also fell by more than 2 per cent.
Analysts said higher oil prices, high US bond yields and selling by foreign investors worried people who invest in Indian shares.
They also pointed to concerns about interest rates and global tensions.
Separately, TCS reported higher profit and revenue for its second quarter and announced a dividend.
An analyst said the Nifty may find support near 21,750, with resistance around 22,400 and 22,600.
The Nifty 50 fell 1.64 per cent to 22,231.80 after touching a 52-week low of 22,179.90.
BSE-listed companies lost around Rs 12.64 lakh crore in market value over two sessions.
Selling affected most sectors; metal, realty and energy stocks lagged, while IT showed relative resilience.
Analysts cited crude above $102 a barrel, elevated US Treasury yields, FII selling and rate concerns as pressures on sentiment.
TCS reported Q2 FY27 profit of Rs 13,934 crore and revenue of Rs 73,188 crore, and announced a Rs 12-per-share dividend.
- Who
- Indian equity investors and companies listed on the BSE; Tata Consultancy Services also reported quarterly results.
- What
- Indian stocks fell for a second session, taking the Nifty 50 to a 52-week low; TCS reported higher quarterly profit and revenue.
- Where
- Indian equity markets, including the NSE and BSE.
- When
- The market decline was reported on Thursday, following two sessions of losses. TCS reported Q2 FY27 results.
- Why
- Analysts cited global market weakness, elevated US Treasury yields, rising crude oil prices, foreign investor selling, geopolitical and supply concerns, and worries about further RBI rate increases.
Market Concerns
Market Outlook
Factors behind the sell-off
Market Concerns
Analysts cited elevated US bond yields, crude oil above $102 a barrel, foreign investor selling, RBI rate concerns and geopolitical tensions as pressures on investor sentiment.
Market Outlook
The article reports no contrasting explanation from another analyst or market participant.
Near-term Nifty levels
Market Concerns
Nandish Shah identified 21,750 as the next support level.
Market Outlook
Shah said 22,400 and 22,600 could act as immediate resistance levels.
Key facts
- Nifty 50 close
- 22,231.80, down 371.25 points or 1.64 per cent
- Nifty 50 intraday low
- 22,179.90, a 52-week low
- BSE-listed companies' market value
- Declined by around Rs 12.64 lakh crore over two sessions, from Rs 473.61 lakh crore on Tuesday, October 6
- Broad market
- Midcap and smallcap indices each fell more than 2 per cent
- TCS Q2 FY27 net profit
- Rs 13,934 crore, up 14.86 per cent year on year
- TCS Q2 FY27 revenue
- Rs 73,188 crore, up 11.22 per cent year on year
- TCS dividend
- Rs 12 per equity share
- Nifty levels cited by HDFC Securities
- Support near 21,750; immediate resistance at 22,400 and 22,600
Quotes
Ajit Mishra
SVP – Research at Religare Broking
“Markets came under heavy selling pressure on Thursday, extending the prevailing corrective trend. After a weak opening, the benchmark indices remained under pressure through most of the session and eventually settled close to the day’s lows, reflecting sustained selling pressure across the board.”
businesstoday.in
“Global markets sell-off had a bearing on Indian equity indices as soaring US bond yields coupled with a sharp spike in international crude oil prices to over $102 a barrel, pushed the benchmark Nifty to a fresh 52-week low.”
businesstoday.in
Sources
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