-Indian markets closed lower for the second straight day
-The indices were dragged by banking financial and auto stocks
-This was due to US treasury yields surging to fresh 16 yr peaks which ultimately led to a decline in global stocks
-Sensex dropped 286 points or 0.44% to settle at 65,226. The broader NSE Nifty declined 93 points or 0.47% to end at 19,436.
Gainers and losers
Axis Bank and SBI were the top laggards, declining 4.7% and 2.9%, respectively. IndusInd Bank, NTPC, UltraTech Cement, and Bajaj Finserv also ended lower. On the other hand, Nestle, HUL, HDFC Bank, TCS, and Infosys closed higher.
Stocks in the news
M&M Financial Services fell 4.5% post Q2 business update. It disbursed Rs 4,500 crore in September, recording an 11% year-on-year growth.
From the sectoral front, Nifty PSU Bank fell 2.8%, dragged by Punjab & Sind Bank, PNB, Central Bank and SBI. Meanwhile, Nifty Auto declined 1.3%, and Nifty Realty dropped 1.7%.
Global Markets
Global stocks fell as rising U.S. bond yields challenged equity valuations. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3% earlier in the day
Oil and Rupee
Oil fell today as Saudi Arabia’s announcement to continue crude output cuts to the end of 2023 was offset by demand fears stemming from macroeconomic headwinds.
Brent crude oil futures were down 1.79%, to $89.28 a barrel, while US WTI fell 1.87%, to $87.57 per barrel. The Indian rupee ended marginally lower and closed at 83.24 against the US dollar.
