October 17, 2024
New Delhi, India
Stock Market Performance Today
On Thursday, the Indian stock market closed significantly lower, with the BSE Sensex down by 495 points, or 0.61%, settling at 81,006.61. The NSE Nifty50 followed suit, ending at 24,749.85, down 221.45 points, or 0.89%. This decline reflected heavy selling in auto stocks and a cautious sentiment among investors amid ongoing foreign fund outflows.
Market Overview
After a higher opening, benchmark indices faced a downturn as investors awaited a slew of blue-chip earnings for fresh market cues. The expiry of Nifty50 contracts added to the market volatility, mirroring trends seen in Asian markets.
Key Movers
- Gainers: Infosys led the gains, rising 3%, alongside Tech Mahindra and Power Grid Corporation of India, which saw increases of up to 2.84%.
- Losers: Bajaj Auto emerged as the biggest laggard, plummeting 11.69% following its Q2 results. Other significant decliners included Shriram Finance, Nestle India, Mahindra & Mahindra, and Hero MotoCorp, which saw losses extending up to 13.11%.
Also Read: Nestle India Q2 FY25 Results: Net Profit Rises 8.6%, Revenue Marginally Up by 1.3%
Sector Performance
- Auto & FMCG: The Nifty Auto index suffered a decline of over 3%, with major stocks like Bajaj Auto and Hero MotoCorp dragging the sector down. Nestle India also dropped by 3% post its Q2 results, reporting a slight dip in profit.
- IT Sector: In contrast, the Nifty IT index managed to buck the trend, closing 1.19% higher, aided by the performance of major IT firms.
Broader Market Trends
The broader indices reflected similar negative sentiment, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices settling down by over 1%. Market breadth remained unfavorable, with 2,564 stocks declining against 1,273 advancing.
Foreign Institutional Selling
The market weakness can be attributed to continued selling by foreign institutional investors (FIIs), who offloaded ₹3,436 crore worth of shares. In contrast, domestic institutional investors (DIIs) purchased ₹2,256 crore, indicating a mixed sentiment among local investors.
Check Q2 results
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