Indian equity markets ended a six-day winning streak: Sensex fell 325 points to 84,626 (down 0.38%), Nifty50 dropped 103 points to 25,910 (down 0.4%), while BankNifty gained 0.76%, closing at 58,963, hitting an intraday record high of 59,001.
Market sentiment was cautious due to profit booking after six gains and weak global tech stocks amid fading expectations of a US Fed rate cut.
The Indian rupee closed weaker at 88.67 against the US dollar, down 8 paise, pressured by widening trade deficit concerns and geopolitical uncertainty.
Top gainers included Bharat Electronics (+2%), Bharti Airtel (+1.61%), Axis Bank, and Asian Paints; biggest losers were Tech Mahindra (-1.83%), Shriram Finance (-2.66%), Tata Consumer Products (-1.62%), and Jio Financial Services (-2%).
Highlight: PhysicsWallah’s IPO debut was spectacular, listing at a 33% premium over its ₹109 IPO price, opening at ₹145, surging to an intraday high near ₹162, nearly 49% above issue price, driven by strong institutional participation despite a muted subscription rate of 1.92 times.
Nifty50 tested crucial support at 25,900 which held; resistance around 26,100 remains untested. BankNifty’s intraday high of 59,001 now marks key resistance, with support at 58,600.
Sector divergence: Nifty IT down 0.68%, Nifty Metal and Realty weakened on profit taking; banks and financials supported the market with gains, autos held steady with modest rises.
SEBI reaffirmed mutual fund transparency efforts at the CII Financing Summit and expects to finalize new brokerage charge guidelines soon following October consultation paper feedback closure.
Commodities: MCX gold declined 1.3% to ₹121,333 per 10 gm; silver slipped 2.38% to ₹151,608 per kg, pressured by a stronger US dollar; crude oil steady around $63.77 a barrel.
Geopolitical focus on nearing closure of the India-US trade deal’s first tranche provided some support despite global tech selloff and domestic profit booking.
Technical outlook: Nifty50 shows potential near-term consolidation with key support at 25,800 and resistance at 26,000–26,300; BankNifty likely to find support at 58,600, eyeing a rally to 59,500 on positive momentum.
Actionable insight: Monitor the rupee’s impact closely on import-heavy stocks; watch 25,900 support on Nifty for buying opportunities in large caps and defensive banks. Trading PhysicsWallah warrants caution due to expected volatility after a strong listing debut.