Nifty logs worst month since Covid; major shocks unlikely
software companies and continued selling by foreign institutions led to Indian stock markets ending lower Thursday, the last day of the traditional Hindu year of Samvat.
The BSE Sensex fell 553 points, or 0.69%, to close at 79,389, while the National Stock Exchange’s Nifty50 declined 135.5 points, or 0.56%, to 24,205.35. The Nifty50 fell more than 6% in October — the sharpest drop in a month for four-and-a-half years — as weaker-than-estimated earnings by companies in the quarter ended September 30 raised questions about the pace of the recent run-up in the market.
“The market is in a phase where there is a lot of reallocations hap pening with investors moving out from themes whose earnings have disappointed,” said Hemang Jani, founder-director at equity advisory firm Finazenn. “That said, I do not think the market is likely to correct much from these levels.” The market will have a special 60-minute Muhurat trading session on Friday to mark the start of the new Hindu year.
The Nifty must surpass the current hurdle of 24,500 for the market to start an uptrend at least for the moment, according to analysts.
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