October 23, 2024
New Delhi, India
Stock Market Highlights
The Indian stock market closed in the red on Wednesday, with both the BSE Sensex and NSE Nifty50 ending a volatile session with losses. The BSE Sensex shed 138.74 points, or 0.17%, to close at 80,081.98, while the NSE Nifty50 dropped 36.60 points, or 0.15%, settling at 24,435.50.
Major Drags on Sensex
Out of the 30 constituents of the BSE Sensex, 22 stocks ended in the red, led by losses in Mahindra & Mahindra (M&M), Sun Pharma, Larsen & Toubro (L&T), and Adani Ports, which fell by as much as 3.04%. Ongoing foreign outflows and subdued corporate earnings weighed on investor sentiment.
IT Sector Shines Amid Losses
While most sectors struggled, the Nifty IT index rose by 3%. Shares of Persistent Systems gained 6% after reporting a 23% year-on-year increase in Q2 profit after tax (PAT), while Bajaj Finance surged 4% following its positive Q2 results.
Bajaj Finserv Q2FY25 Revenue Jumps 30%, Net Profit Rises 8%
Small and Midcaps Defy the Trend
Despite the broader market’s decline, small-cap and mid-cap stocks bucked the trend, showing resilience amidst the turbulence.
Key Gainers
- Paytm saw a 5% rise after receiving approval from the National Payments Corporation of India (NPCI) to onboard new UPI users.
- Godavari Biorefineries opened its IPO for subscription, drawing investor attention.
Latest Q2 Results
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