Market fluctuation continues; Sensex down 599 points

Unable to sustain the gains the day before, the stock market plunged again on October 28. The Sensex was down 599 points and the Nifty 160 points. The reason for the market loss is the high level of booking of profits.

The market ended with a loss after strong fluctuations. The morning trade started with gains but later moved towards losses.

The Sensex fell below the support level of 40,000 points. The Sensex closed at 39,922 points. It was up 40,664 points. The day’s low was 39,774 points.

The Nifty fell below the 11,800-point mark. It was up 11,929 points but lost 160 points on strong volatility. Similarly, the Nifty fell by 11,685 points to close at 11,730 points.

Most of the Nifty stocks lost ground. Out of the 50 stocks in the Nifty, 41 stocks lost while only nine stocks gained. Bharti Airtel, UPL, Mahindra & Mahindra, Eicher Motors and Hero Motors were the top five gainers in the Nifty. Bharti Airtel gained 3.38 per cent. Indications are that Bharti Airtel is on the upswing, which has led to a rise in share prices. The upgrade of the company by various brokerages has also been a positive factor for the move.

Bank stocks were the biggest losers. The Nifty Bank Index lost 2.17 per cent. No sector registered gains. HDFC, IndusInd Bank, ICICI Bank, Adani Ports and Dr Reddy’s Lab were the top five losers in the Nifty. These stocks fell more than 3 per cent.