Published September 27, 2023 at 3:52 p.m
The Indian stock market witnessed a slump on Wednesday with the Nifty and Sensex indices registering declines due to negative US market trends and continued capital outflows from abroad. The Nifty closed at 19,664.70, reflecting the impact of these international factors on the domestic market.
Several large companies fell short of expectations in this challenging market environment. Bajaj Finance, Tech Mahindra, Tata Steel, HDFC Bank, ICICI Bank and Titan were among those that underperformed. In contrast, Sun Pharma, IndusInd Bank, Larsen & Toubro and UltraTech Cement managed to post profits despite the overall downtrend.
Foreign institutional investors (FIIs) also played an important role in the market performance this week. They offloaded shares worth Rs 693.47 billion, further contributing to the outflow of funds from Indian markets.
Market analysts have been closely monitoring these developments. Prashanth Tapse of Mehta Equities and VK Vijayakumar of Geojit provided insights into the situation, but their specific comments were not reported.
In addition to these domestic factors, global trends also influenced the Indian stock market. Asian markets showed mixed performance while Brent crude oil prices rose. However, the details of how these international factors have impacted the Nifty and Sensex indices are not clear from the context provided.
This week’s events underscore the interconnectedness of global financial markets and illustrate how international trends can influence the performance of domestic stocks. Although some companies are making profits in this environment, overall trends point to a decline due to negative trends in the US market and continued foreign capital outflows.
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Written by: Investing.com