October 7, 2024
New Delhi, India
Markets
The Sensex and Nifty extended their losing streak for the sixth consecutive day, with the Sensex dropping 638 points and the Nifty slipping below the 24,800 mark. Despite positive early trading driven by gains in IT stocks, the broader market turned negative as sectoral indices plunged, led by losses in PSU banks, metals, power, oil & gas, and telecom.
- Nifty closed at 24795.75 down 218 Pts or 0.87%
- Sensex closed at 81050.00 down 638 Pts or 0.78%
Biggest Nifty Losers
The top Nifty losers were:
- NTPC
- Adani Ports
- Adani Enterprises
- SBI
- Coal India
These stocks dragged down the indices, contributing to the overall market decline.
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Biggest Gainers
While most sectors were in the red, IT stocks outperformed, with the IT index rising 0.6%. Other gainers included:
- ITC
- Bharti Airtel
- Trent
- M&M
- Infosys
Sectoral Performance
- IT was the only sectoral index to post gains, climbing 0.6%.
- Other sectors, including PSU banks, healthcare, capital goods, realty, metal, power, oil & gas, media, and telecom, fell between 1% and 3%.
- The BSE Midcap index declined by 2%, and the Smallcap index dropped over 3%, reflecting broader market weakness.
Stock Market Highlights
- India VIX, the market’s volatility gauge, surged by 8%, indicating increased market uncertainty.
- Ola Electric fell 9% amid a public spat between Bhavish Aggarwal and Kunal Kamra.
- Vodafone Idea (Vi) dropped 7% after receiving a notice from the Department of Telecommunications (DoT) over the non-submission of a bank guarantee.
Key SME Listings
- Saj Hotels debuted on the NSE SME platform with a 15% discount.
- HVAX Tech also debuted on the NSE SME platform, listing at a 6% premium.
Despite some gains in select stocks, the broader market sentiment remained negative as major indices struggled under pressure. Investors will be closely watching global cues and domestic developments in the days ahead.
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