Most sectoral indices ended in negative territory, with PSU banks emerging as an exception. The Nifty PSU Bank index rose 2.41%, while the IT index fell 1.56% and FMCG declined 1.40%. Axis Bank led the Nifty 50 losers, tumbling 4.19%, followed by Tata Motors, which shed 3.09%, and Infosys, down 2.63%. JSW Steel, ONGC and SBI were among the leading gainers.
Brent crude was trading at $108.50 per barrel, close to the $110 mark, keeping inflationary pressures and the impact on corporate costs in focus. Rajeev Sharan of Brickwork Ratings said the rupee had strengthened for a seventh consecutive session, touching 94.8 against the dollar in early trade before hovering near 94.95. However, he noted that foreign exchange reserves had fallen by $8.6 billion to $726 billion in the week ended October 9, taking the drawdown since early September to nearly $60 billion.
Asian markets were mixed. South Korea’s Kospi gained 1.73% and Hong Kong’s Hang Seng rose 0.51%, while Japan’s Nikkei 225 declined 0.64% and Taiwan’s weighted index fell 0.62%. Gold remained largely flat at Rs 1,48,085 per 10 grams, while silver rose to Rs 2,11,351 per kg.
