Stock market recap: Indian equities suffered a broad-based selloff on Thursday, 8 October, as surging crude prices, a weaker rupee and the RBI’s hawkish turn kept investors on edge. The Nifty 50 fell 371.25 points, or 1.64%, to 22,231.80, after hitting a fresh 52-week low of 22,179.90 during the session. The Sensex dropped 1,045.46 points, or 1.44%, to 71,593.24.
Brent crude rose above $104 a barrel on concerns over supply from West Asia, while the rupee weakened past 97 to the dollar and rising US bond yields added to the pressure. Foreign investors sold ₹6,121 crore of shares on Wednesday.
Metals, capital goods, healthcare, and oil and gas stocks bore the brunt of the selloff. IT was the only sector to remain resilient, with TCS gaining about 2.6% ahead of its quarterly results. Adani Enterprises and JSW Steel were among the biggest Nifty losers, while ITC fell more than 4% after a large block deal. Oil-sensitive stocks including HPCL, BPCL and IndiGo also declined sharply.
Market breadth was deeply negative, with 660 stocks advancing, 2,950 declining and 112 unchanged. TCS’s results, due tonight, will provide the first major test of investor sentiment as the earnings season gets underway.
Buy: Netweb Technologies India Ltd (current price: ₹4,715)