The enthusiasm of the domestic stock market is continuously cooling down. Benchmark equity indices closed with losses for the third consecutive session on October 16. BSE Sensex fell 319 points to close at 81,501.36. NSE Nifty 50 also closed at the level of 24,971.30 with a fall of 86.05 points. Nifty Bank also closed at the level of 51,801.05 with a fall of 104.95 points. HDFC Life Insurance, Dr Reddy’s Lab, HDFC Bank, Bharti Airtel and Grasim Industries were the top gainers in Nifty 50 during trading. Meanwhile, Trent, M&M, Infosys, Hero MotoCorp and Adani Ports were the top loser stocks in Nifty 50 on October 16.
These are also the reasons for the slowness of the market
Experts believe that the benchmarks have been mostly flat for the last six weeks amid a storm of market volatility due to geopolitical tensions in the Middle East, 50 basis points rate cut by the US Fed and Indian state elections. Concerns have increased after the disappointing performance of Reliance Industries earlier this week. Continued selling by FIIs has also prompted investors to adopt a cautious approach.
His contribution in the rise of Nifty Realty
Godrej Properties, DLF, Phoenix, Macrotech Developers and Mahindra Lifespace Developers were the biggest contributors to the rise in Nifty Realty on October 16. Experts say weak global market cues contributed to the overall weakness, but continued selling of domestic stocks by foreign investors this month has unsettled local traders.
Investors lost ₹1 lakh crore
According to Livemint news, the total market capitalization (market cap) of companies listed on BSE was around ₹ 463 lakh crore. The market capitalization in the last session was around ₹464 lakh crore. In this way investors suffered a loss of about ₹ 1 lakh crore in a day. In the Sensex pack, 262 stocks including HCL Tech, Dixon Technologies, HDFC AMC, Oberoi Realty, Page Industries and Siemens touched their fresh 52-week high in intraday trade on BSE.
