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Indian Markets Decline as Nestle and Infosys Lead the Losers’ List

Rajeshwari R by Rajeshwari R
October 16, 2024
in Business
Reading Time: 2 mins read
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Indian Markets Decline as Nestle and Infosys Lead the Losers' List

Indian Markets Decline as Nestle and Infosys Lead the Losers' List

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Indian Stock Market Opens Lower Amid Mixed Trading

Mumbai: The Indian stock market commenced trading on a cautious note on Wednesday, with notable declines from major players such as Nestle and Infosys. The BSE Sensex opened at 81,611.07, down 209.05 points or 0.26%, while the NSE Nifty fell 57.90 points or 0.23% to trade at 24,999.45.

Despite the initial drop, the overall market sentiment showed signs of positivity. On the National Stock Exchange (NSE), 687 stocks were in the green, contrasted by 555 stocks in the red. Similarly, on the Bombay Stock Exchange (BSE), 61 stocks gained ground against 52 that lost.

In sector-specific performance, the Nifty Bank index stood at 51,878.45, down 27.55 points or 0.05%. The Nifty Midcap index, however, recorded a slight gain of 41.80 points or 0.07%, trading at 59,635.05. The Nifty 100 index saw a modest decline of 28.90 points or 0.11%, settling at 26,120.20.

Among the Sensex constituents, Asian Paints, HDFC Bank, Bajaj Finserv, and Power Grid emerged as the top gainers, while Nestle and Infosys faced the largest losses. In the Nifty pack, SBI Life Insurance, HDFC Life, BPCL, and Asian Paints performed well, whereas Trent, M&M, TCS, and Kotak Mahindra struggled.

Market analysts indicate that the ongoing bull run is primarily supported by sustained domestic inflows, which have effectively absorbed selling pressures from Foreign Institutional Investors (FIIs). However, they caution that elevated valuations may limit significant upside potential. “The Nifty is likely to consolidate around the 25,000 levels, and Q2 earnings are expected to be weak, with the exception of IT, banking, and certain segments of the auto industry,” experts noted.

Globally, Asian markets presented a mixed picture. Tokyo, Bangkok, and Seoul were trading lower, while Shanghai, Hong Kong, and Jakarta showed positive momentum. In the United States, the stock market closed in the red during the previous trading session, adding to the cautious outlook among investors

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