On October 23, the Indian stock market saw a decline with the SENSEX dropping 125.56 points, or 0.17%, closing at 73,123.83. The NIFTY50 also fell by 87.65 points, or 0.39%, ending the day at 22,600. Investor sentiment weakened due to ongoing foreign institutional investor (FII) outflows and rising Brent crude oil prices, which surged above $114 per barrel amid escalating tensions in the Middle East.
- The SENSEX and NIFTY50 both experienced intraday lows, with SENSEX hitting 72,452.37 and NIFTY50 reaching 22,372.
- Foreign institutional investors sold shares worth ₹3,458.70 crore, while domestic institutional investors bought shares worth ₹2,891.32 crore.
- Shriram Finance and Adani Enterprises were among the top losers, while Eternal and Apollo Hospitals were top gainers.
- The NIFTY Smallcap 100 index dropped 2.94%, and the NIFTY Midcap 100 index declined by 2.21%.
- Swiggy shares fell sharply by 16.75% after disappointing quarterly results.
Why did the stock market decline on October 23?
The market decline was influenced by several factors. Persistent selling by foreign institutional investors contributed to downward pressure. Additionally, Brent crude oil prices rose above $114 per barrel due to geopolitical tensions in the Middle East, increasing concerns about inflation and economic stability. These factors led to a cautious mood among investors, resulting in a broad sell-off across various sectors.
Which stocks were the biggest losers on October 23?
Among the top losers were Shriram Finance, which fell by 3.98%, and Adani Enterprises, which declined by 2.86%. Other significant decliners included JSW Steel (-2.83%), Jio Financial Services (-2.74%), and Tata Steel (-2.70%). The NIFTY Smallcap 100 index also suffered, with major losses in IIFL Finance (-6.25%), ITI Ltd (-5.84%), and Ola Electric Mobility (-5.57%).
Which stocks gained on October 23?
On the positive side, Eternal surged by 4.25%, leading the gainers. Apollo Hospitals Enterprise rose by 1.65%, Oil & Natural Gas Corporation (ONGC) increased by 1.11%, Asian Paints gained 0.97%, and Tata Consultancy Services (TCS) went up by 0.92%. In the smallcap segment, Sterlite Technologies and JSW Cement also recorded gains of 2.39% and 2.01%, respectively.
What caused Swiggy's sharp stock decline?
Swiggy's shares fell 16.75% after the company reported its Q2 FY27 results, which showed weaker-than-expected performance in its food delivery and quick-commerce businesses. Investors were concerned about the company's growth momentum and profitability, especially in comparison to stronger results from competitors like Eternal. This led to a significant sell-off and the stock hitting a 52-week low.
How did other companies perform in Q2 FY27?
Colgate Palmolive reported a 4% increase in net profit to ₹342 crore for the quarter but saw a drop in profit margins, which contributed to a 4.75% decline in its stock price. Godrej Properties experienced a 62% fall in consolidated profit to ₹154 crore, leading to a 4.38% drop in its shares. These results reflected challenges in their respective sectors during the quarter.
What was the overall market trend on October 23?
The overall market trend was negative, with key indices like SENSEX, NIFTY50, NIFTY Midcap 100, and NIFTY Smallcap 100 all closing lower. The market was affected by global economic concerns, geopolitical tensions, and sector-specific challenges. Despite some gains in select stocks, the prevailing sentiment remained cautious among investors.
