Sensex, Nifty Extend Losses as Broader Market Sees Heavy Selling
Mumbai, October 23: The Sensex and Nifty extended their losses on Friday, closing lower for a fourth consecutive trading session as selling intensified across the broader market.
The Sensex ended 125.56 points, or 0.17 per cent, lower at 73,123.83. The Nifty settled at 22,600.00, down 87.65 points or 0.39 per cent.
The decline was sharper in mid-cap and small-cap segments. The Nifty Midcap 100 index shed 1,263.30 points, or 2.21 per cent, to close at 55,800.65. The Nifty Smallcap 100 index dropped 536.45 points, or 2.94 per cent, to 17,739.45.
Most sectoral indices were under pressure through the session. Nifty Metal led the losers with a 2.71 per cent decline, while Nifty Consumer Durables and Nifty India Defence fell 2.63 per cent and 2.60 per cent respectively. Nifty Realty, Nifty PSU Bank, Nifty Energy, Nifty PSE, Nifty India Manufacturing, Nifty Commodities, Nifty Media and Nifty Pharma also closed with losses.
In the Sensex pack, Eternal, L&T, TCS, UltraTech Cement, Asian Paints, Maruti Suzuki, Axis Bank, Infosys and ICICI Bank were the gainers. Tata Steel, Trent, Tech Mahindra, BEL, InterGlobe Aviation, Bajaj Finserv, Kotak Mahindra Bank, Titan, Bajaj Finance, NTPC, SBI, HUL, Sun Pharma, Bharti Airtel, ITC and M&M were the laggards.
Experts said the main worry is the steep fall in mid-cap and small-cap shares relative to the Nifty. Valuation concerns, the reduction of leveraged positions, rising crude oil prices and weak global cues have together increased pressure on the market. The jump in India VIX signals that volatility may remain elevated in the short term.
They added that elevated crude oil prices could persist because of the ongoing tensions in the Middle East. Meanwhile, AI-related selling in global equity markets is putting pressure on investors' willingness to take risk. Upcoming inflation trends and the moves of major central banks, which must balance inflation against growth, are expected to guide the market's next direction.
In such conditions, experts expect stock-specific and sector-focused opportunities to stand out, with earnings clarity and the right valuation levels becoming the key deciding factors.