News about Nifty

The Nifty 50 fell 257.20 points (1.11%) to 22,888.95 and the BSE Sensex dropped 876.37 points (1.17%) to 73,852.90, after falling more than 1,000 points intraday before partially recovering; the Bank Nifty shed 355.90 points to 55,488.10. Pressure came from profit booking after last week's rally, weak global cues, foreign fund outflows, elevated crude oil prices and September-quarter earnings. HDFC Bank, ICICI Bank and Axis Bank together accounted for more than half of the Sensex's decline, even though Axis Bank reported a 39.4% rise in consolidated net profit, while the Nifty PSU Bank index gained about 2.5%. The rupee extended its appreciation streak to seven consecutive sessions, supported by a stable US dollar and Reserve Bank of India intervention, while Brent crude traded around $107-108 a barrel.

The Nifty 50 closed at 22,888.95, down 257.20 points or 1.11%, while the BSE Sensex fell 876.37 points or 1.17% to 73,852.90. Weakness in private banks, earnings below expectations and rising crude prices intensified profit-booking, with almost all sectors in the red; the Nifty PSU Bank index was the only major gainer, up 2.41%. Axis Bank fell more than 4%, while SBI was among the top gainers. Brent crude traded at USD 108.50 per barrel, raising concerns over imported inflation, and the rupee firmed to around 94.8 per dollar after a seventh straight session of gains. However, reserves fell by USD 8.6 billion to USD 726 billion in the week ended October 9, with the total drawdown since early September near USD 60 billion.