October 11, 2024
New Delhi, India
Market Highlights
Indian equity markets experienced a downward trend on Friday, with both the BSE Sensex and Nifty 50 trading lower, mirroring weakness from overnight U.S. markets. Investors remained cautious ahead of upcoming fiscal announcements from global markets.
Key Index Movements
- Sensex: At 2 PM, the BSE Sensex was down 230.05 points, or 0.28%, at 81,381.36.
- Nifty 50: Nifty was down 34.20 points, or 0.14%, trading at 24,964.25.
By the closing bell, the Sensex had dropped by 230 points, while Nifty closed just under 25,000, reflecting weakness in financial and auto stocks.
Sectoral Performance
- Top Decliners: The financial sector saw significant losses, with TCS dropping 2.29%, followed by Mahindra & Mahindra, Axis Bank, and ICICI Bank.
- Top Gainers: Tech Mahindra led the gainers with a 1.36% increase, while Trent, which surged over 3%, was one of the standout performers of the day, benefiting from the news of Noel Tata’s appointment as the new Chairman of Tata Trusts. Other gainers included HCLTech, Sun Pharma, and Larsen & Toubro.
USDINR: Rupee Breaches 84/USD for the First Time on High Oil Prices, FII Outflow
Sector Highlights
- Financials: The Nifty Bank and PSU Bank indices fell around 0.7%, dragging down overall market sentiment.
- Realty: Realty stocks also contributed to the downturn, losing around 0.5%.
- Pharma: On the positive side, Nifty Pharma climbed 1.10%, leading sectoral gains, while Metal and Healthcare indices followed with moderate upticks.
Key Stock Movements
- Trent Ltd.: Shares of Trent rose sharply, up 3%, following the announcement of Noel Tata taking over as Chairman of Tata Trusts. The news provided a significant boost to the company’s stock as investors responded positively to his leadership and experience in the Tata Group.
- TCS: Despite early losses, Tata Consultancy Services (TCS) shares rebounded slightly but still ended the day in the red following its Q2 earnings report, which missed market estimates.
- Bandhan Bank: In a separate development, Bandhan Bank shares soared by 9%, crossing the ₹200 mark, driven by robust investor interest.
Global Markets & Outlook
Global stocks traded cautiously on Friday as investors awaited critical updates on fiscal stimulus from Beijing. The rally in Chinese markets paused, adding to the sense of uncertainty across global equity indices.
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
