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SENSEX and NIFTY50 in red; NIFTY50 slips below 24,700 amid weak market breadth
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2 min read | Updated on October 22, 2024, 13:27 IST
SUMMARY
Indian equity benchmark indices failed to sustain their early gains, slipping into negative territory, primarily dragged down by L&T and Mahindra & Mahindra. The country's No. 2 carmaker Hyundai Motor India had a weak debut. Meanwhile, the India VIX surged by more than 3%, indicating heightened market volatility. Market breadth remained weak, with the Nifty Smallcap 100 index falling by over 2.3% or 400 points.
Stock list
SENSEX and NIFTY50 in red; NIFTY50 slips below 24,700 amid weak market breadth
The Indian equity benchmarks reversed course after gaining in early trade on Tuesday, weighed down by dull earnings and sustained foreign selling. As the session progressed, the benchmarks led to a sharp decline from the day’s highs, continuing the profit booking. By midday, the NIFTY50 dropped more than 200 points from its intraday peak, slipping below the 24,700 mark, down by 0.28%.
Similarly, the SENSEX shed 600 points, trading near the 81,000 mark. The Nifty Bank also saw an extended loss, falling over 280 points from yesterday’s close hovering around the 51,800 mark, now trading below its 20-day moving average. Additionally, the India VIX surged by over 3%, indicating increased market volatility.
On Tuesday, the NIFTY50 showed weak market breadth, with 39 stocks declining and only 11 advancing. Overall, market breadth remained weak, as 2,256 stocks declined while 380 advanced. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices were in red, down by 1.4% and 2.4%, respectively.
Among the sectoral indices, all of the indices were in negative territory, with Nifty Realty (-2.73%) and Nifty PSU banks (-2.24%) leading the declines.
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