Closing Bell : High volatility;BSE Sensex ended 678 points lower at 59,307 and Nifty down 185 points at 17,672


Published On: Friday, October 29, 2021 | By:

Closing Bell : High volatility;BSE Sensex ended 678 points lower at 59,307 and Nifty down 185 points at 17,672

Today(29th Oct.2021) the markets exhibited a high amount of volatility for the second day in a row on the back of unabated selling pressure in select index heavyweights. The BSE Sensex tumbled to a low of 59,089, but eventually ended 678 points lower at 59,307. In the process, the BSE index has now shed 5 percent (2,938 points) from its recent peak of 62,245. The NSE Nifty logged its second straight weekly loss, down 185 points at 17,672. The Nifty has declined 3.8 percent (677 points) in the last two weeks. In intra-day trades on Friday, the 50-share index dipped to a low of 17,613 and was within striking distance of its 50-DMA (Daily Moving Average) at 17,570-odd levels.

The NSE Nifty logged its second straight weekly loss, down 185 points at 17,672. The Nifty has declined 3.8 per cent (677 points) in the last two weeks. In intra-day trades on Friday, the 50-share index dipped to a low of 17,613, and was within striking distance of its 50-DMA (Daily Moving Average) at 17,570-odd levels.

“Equity markets trended lower for the week owing to selling pressure from FIIs. The FIIs have sold over Rs 20,000 crore worth of stock in October. The valuation risks have been one the main concerns for foreign investors, triggered by the downgrading of Indian equity markets from “overweight” to “neutral” by key global brokerages. The valuation risks are specifically coming to the fore now as few sections of the markets expect growth momentum to slow in the wake of sticky inflation,” said an expert.

The broader markets outperformed the benchmark indices in trades today. The BSE Midcap index edged 0.2 per cent higher, while the Smallcap index ended slipped 0.4 per cent, as against a 1.1 per cent decline in the Sensex.

Among sectors, the BSE Energy index plunged 1.9 per cent, and the IT index shed 1.6 per cent. The Bankex was down over a per cent. The Auto, Healthcare and Realty indices ended marginally in the positive zone.

The overall breadth was marginally negative at close. Out of 3,399 stocks traded on the BSE, 1,796 declined, while 1,452 advanced.

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