Sensex Drops 252 Points, Pharma Losses Pull Nifty Below 22,650
Mumbai: Indian stock markets closed lower on October 14 as profit booking and weakness in pharmaceutical , healthcare and financial shares outweighed gains in information technology stocks. The BSE Sensex declined 251.89 points, or 0.34 per cent, to settle at 72,781.89. The NSE Nifty fell 99.25 points, or 0.44 per cent, to finish at 22,622.70, slipping below 22,650. The decline followed a…
Mumbai witnessed a drop in its stock markets on October 14 as losses in the pharmaceutical, healthcare, and financial sectors overshadowed gains in the information technology (IT) sector. The BSE Sensex closed 251.89 points, or 0.34 percent, lower at 72,781.89, while the NSE Nifty fell 99.25 points, or 0.44 percent, settling at 22,622.70, slipping below the 22,650 mark. The decline came after a volatile trading session, with investors adopting a cautious stance ahead of the release of US inflation data.
The Nifty Pharma and Nifty Healthcare sectors suffered the steepest declines, dragging down the market performance. Financial shares also weakened, with Shriram Finance, HDFC Life Insurance, and Bajaj Finance among the top Nifty losers. Within the Sensex basket, Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, Eternal, and ICICI Bank contributed to the benchmark's decline.
Despite the broader market decline, IT stocks performed well, emerging as the strongest sectoral performer and helping to cushion the overall loss. IT stocks like Infosys, Tech Mahindra, and Tata Consultancy Services were among the Sensex gainers, alongside Hindustan Unilever and NTPC. Market watchers suggested that a drop in crude oil prices and an appreciation in the rupee, following measures by the Reserve Bank of India (RBI), offered some relief to the markets.
Positive expectations of a possible review of long-term capital gains tax and securities transaction tax also helped support sentiment without confirming any policy change.
However, Nifty failed to maintain its early gain above 22,700 as profit booking drove the index towards 22,550. Buying interest at this level helped contain the decline. Analysts noted that immediate support for the Nifty lay between 22,600 and 22,500, with resistance at 22,800. If the Nifty sustained a breakout above this resistance level, it could push the index towards the 23,000 mark.
The rupee traded near 95.14 against the US dollar, gaining around 10 paise, with RBI restrictions on dollar buying continuing to support the currency despite a stronger greenback.
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