Sensex tanks 523 pts, Nifty below 19,150, Metals outperform

The Indian equity benchmark indices ended lower on Wednesday, though in early trade shares rose, led by a rise in metals after markets cheered China's approval of a mega sovereign bond issue as a sign of stimulus, while an easing of U.S. Treasury yields and crude oil prices further helped sentiment.At close, the Sensex was down 522.82 points or 0.81 percent at 64,049.06, and the Nifty was down 159.60 points or 0.83 percent at 19,122.15. About 1162 shares advanced, 2404 shares declined, and 100 shares unchanged.
Stocks and Sectors
Coal India, Tata Steel, Hindalco Industries, Tata Consumer Products and SBI were the top gainers on the Nifty,while losers included Infosys, Cipla, NTPC, Apollo Hospitals and Adani Enterprises.On the sectoral front,metal index up nearly 1 percent while bank, power, realty, capital goods, pharma and IT down 0.5-1 percent each.BSE Midcap and Smallcap indices declined 0.5 percent each.
On 25 Oct'23,the Indian rupee appreciated by 5 paise to close at 83.11 against the US dollar in early trade on Wednesday, tracking a weak America currency and softening crude oil prices in the overseas market. Some buying by foreign equity investors supported the Indian currency even though it was pressured by a subdued sentiment in the domestic equity markets,forex traders said.
Experts Take:
Market experts have recommended three intraday stocks for Wednesday-UBL, PEL and Tata Chemical.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)