Nifty, Sensex decline for 3rd consecutive session: Here's why
India's domestic equity benchmarks, Nifty and Sensex saw a drop for the third day in a row today (October 20). The slump is linked to rising US Treasury yields, possible interest rate hikes by the US Federal Reserve, and the ongoing Israel-Hamas conflict. US government bond yields have hit 5% for the first time since 2007, while the Israel-Hamas war stokes fears of a larger regional crisis.
Investors lose Rs. 2 lakh crore in a day
The total market capitalization of BSE-listed companies dipped to roughly Rs. 319 lakh crore from around Rs. 321 lakh crore in the previous session. Investors lost approximately Rs. 2 lakh crore in a single day as mid and small-caps faced bigger losses. The BSE Midcap index dropped 1.02%, while the Smallcap index fell 0.76%. Nifty 50 closed at 19,542.65, down 82 points or 0.42%, and Sensex closed at 65,397.62, down 232 points or 0.35%.
Top gainers and losers in Nifty 50
Kotak Mahindra Bank (up 1.81%), IndusInd Bank (up 1.29%), and SBI Life Insurance Company (up 1.18%) were the biggest gainers in the Nifty 50 index. Conversely, ITC (down 2.75%), Tata Steel (down 2.30%), and BPCL (down 2.06%) were the top losers in the Nifty pack. Out of the 50 stocks, 36 ended in the red while the remaining 14 finished higher.
