October 30, 2024
New Delhi, India
Stock Market Today
The Indian stock markets closed lower on Wednesday, October 30, with financial stocks leading the declines. The BSE Sensex fell 427 points, ending at 79,942, while the NSE Nifty shed 126 points to close at 24,341. Despite the downturn in the major indices, midcap stocks outperformed, buoyed by gains in Adani stocks and select FMCG counters.
Financial Sector Drags; Midcap Stocks Show Resilience
The Sensex’s decline was influenced by ongoing foreign selling and weaker corporate earnings, especially in the banking and financial sectors. The Nifty Bank index fell by 513 points to 51,808, reflecting significant weakness in financial stocks. In contrast, the Nifty Midcap Index rose by 88 points, closing at 56,339, as investors showed increased interest in midcap shares.
Sectoral Performance
- Financials: The banking sector saw a broad-based decline, with key laggards including Cipla, Shriram Finance, and HDFC Life. The IT sector also declined, with Infosys down by 2%.
- Gainers: FMCG and auto stocks outshined, driven by positive festive demand. Top performers included Maruti Suzuki and Britannia Industries.
- Adani Stocks: Adani Enterprises led the Nifty gainers, fueled by strong Q2 results, with Adani Ports also ending higher.
- Other Sectors: The FMCG, media, and capital goods sectors rose by 0.5-2%, while banking, pharma, and IT sectors each shed around 1%.
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Key Movers
Among Nifty’s top gainers were:
- Adani Enterprises
- Tata Consumer Products
- Hero MotoCorp
- Britannia Industries
- Maruti Suzuki
Conversely, top losers included Cipla, Shriram Finance, Infosys, HDFC Life Insurance, and Trent, with Cipla declining as much as 4%.
Small-Cap and Mid-Cap Performance
The BSE Smallcap index rose by 1.5%, underscoring the strength in smaller stocks despite the broader market weakness. The Nifty Smallcap 200 index climbed by 1.05%, while the Nifty Midcap 100 index dipped slightly by 0.16%.
Market Outlook
The midcaps and smallcaps have shown resilience even as key indices faced pressure, indicating selective buying interest in sectors like FMCG and media. However, financial stocks continue to face challenges, affected by mixed global cues and cautious investor sentiment amidst profit-booking.
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Other Highlights
- Godavari Biorefineries debuted on a subdued note, listing at a 12.5% discount over its IPO price.
- Maruti Suzuki shares rose by 2% following a positive Q2 earnings report.
Closing Bell: Both Sensex and Nifty ended their two-day winning streak, closing in the red as 31 of the 50 constituent stocks fell, marking a mixed trading day influenced by global uncertainties and selective sectoral strength.
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