FIRST TRADE: Sensex drops 150 pts, Nifty down 55 pts as market losses extend
In early trading, the Sensex dipped by 250 points, standing at 78,550 in the pre-open session. Nifty followed suit, losing 79 points and staying below the 24,000 mark, currently at 23,900.
Indian equities faced another session of declines, marking a second consecutive day of losses, with the BSE Sensex dropping over 150 points to 78,599, while the Nifty50 fell 54.80 points to 23,940 as of mid-morning on Tuesday. Index heavyweights, including HDFC Bank, Reliance Industries, and Infosys, drove down the market following the previous day’s largest dip in a month, amid rising volatility and anticipation over the U.S. presidential election outcome.
HDFC Bank, Adani Ports, ITC, and Asian Paints saw losses in early trading, while stocks such as JSW Steel, Tata Motors, and HCL Tech showed gains. IRCTC shares declined by three per cent after reporting a modest four per cent year-on-year rise in net profit to Rs 308 crore, while Raymond shares surged by 4.5 per cent following a twofold increase in its quarterly profit to Rs 59 crore, driven by real estate and engineering growth.
Globally, market sentiment remains tepid. Asia-Pacific markets traded flat as investors braced for the election results, with Japan’s Nikkei gaining 1.3 per cent. Oil prices saw slight increases following an OPEC+ production decision delay, with Brent crude trading at $75.22 per barrel.
Sectorally, financial services, FMCG, and realty sectors opened in the red, while auto, IT, and metal sectors recorded gains. Analysts suggest that domestic economic factors may be intensifying market challenges. "India’s underperformance relative to global indices signals the impact of internal issues on valuations," noted Dr V K Vijayakumar of Geojit Financial Services, adding that the Nifty 50’s earnings forecast for FY25 has been revised down significantly, fueling foreign outflows.
On the institutional front, FIIs sold equities worth Rs 4,330 crore on Monday, while DIIs bought stocks worth Rs 2,936 crore. In the currency markets, the Indian rupee opened weaker, trading at 84.13 against the U.S. dollar.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
10:12 AM IST