Sensex falls 388 pts, Nifty holds 19,350 amid weak global cues; PSBs outrun

Closing Bell on August 17, 2023: On the upside, only the Nifty PSU Bank index (up 1.5 per cent) outperformed the markets

SI Reporter New Delhi

Photo: Bloomberg

Stock market highlights: Equity benchmark indices settled lower on Thursday amid weak global cues and weekly F&O expiry. The S&P BSE Sensex shed 388 points to end at 65,151 level, while the NSE Nifty50 shut shop 100 points down at 19,365.

Both the indices closed about 0.6 per cent lower each on the back of selling in ITC (down 2 per cent), Nestle India, Power Grid, L&T, Kotak Bank, Reliance Industries, Tata Motors, Bajaj Finance, TCS, ICICI Bank, Infosys, and HDFC Bank.

Buying in Titan, SBI, Bajaj Finserv, Tech M, Tata Steel, and Axis Bank, however, helped the indices end off lows.

Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices settled in the green with up to 0.2 per cent gains.

Sectorally, most of the indices nursed losses with the Nifty FMCG index suffering the hardest blow of 1 per cent, followed by the Nifty IT index (0.6 per cent). On the upside, only the Nifty PSU Bank index (up 1.5 per cent) outperformed the markets.

4:16 PM

COMMENT:: Rising US bond yields likely to impact FII flows to Indian markets

"The mounting influence of weak global cues hindered the domestic market's ability to recoup, resulting in sustained selling pressure. The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause. Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics."

- Vinod Nair, Head of Research at Geojit Financial Services

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