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Sensex Dips on Weak Global Cues

Rajeshwari R by Rajeshwari R
October 4, 2024
in Business
Reading Time: 3 mins read
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Sensex Dips on Weak Global Cues

Sensex Dips on Weak Global Cues

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Mumbai Equity Markets Decline Amid Weak US Cues

Mumbai: Indian equity markets opened lower on Friday, reflecting negative cues from US markets. At 9:47 A.M., the Sensex fell by 279 points, or 0.34 percent, settling at 82,216, while the Nifty dropped 69 points, or 0.27 percent, to reach 25,180.

The downturn was primarily driven by selling pressure in midcap and smallcap stocks. The Nifty midcap 100 index decreased by 413 points, or 0.70 percent, to 58,652, and the Nifty smallcap 100 index slipped 75 points, or 0.40 percent, to 18,876.

Within the Sensex constituents, several stocks, including Bajaj Finance, Asian Paints, Bajaj Finserv, NTPC, Tata Steel, UltraTech Cement, Reliance Industries, L&T, SBI, Bharti Airtel, Nestlé, and Mahindra & Mahindra, emerged as the top losers. In contrast, TCS, IndusInd Bank, HCL Tech, ITC, Infosys, Wipro, and Tech Mahindra were among the few gainers.

Sector-wise, financial services, FMCG, metals, real estate, energy, and infrastructure stocks faced significant declines. Conversely, IT, PSU banks, and the auto sector showed some resilience.

The broader market is currently in a downward trend, with 1,335 shares declining and 814 shares advancing on the National Stock Exchange (NSE).

Asian markets displayed mixed trading patterns. While Tokyo, Hong Kong, and Seoul recorded gains, Jakarta and Bangkok experienced declines. US markets closed in the red on Thursday, contributing to the cautious sentiment.

Market analysts attributed the sharp 2.1 percent correction in the Nifty primarily to substantial selling by Foreign Institutional Investors (FIIs), rather than escalating tensions in the Middle East. Over the past three days, FIIs have sold equities worth ₹30,614 crore in the cash market.

Looking ahead, analysts noted, “The market is expected to start reacting to the upcoming Q2 results, which will begin to surface next week. Leading banks are likely to witness a recovery.”

On October 3, FIIs sold equities amounting to ₹15,243 crore, while domestic institutional investors made purchases worth ₹12,914 crore on the same day.

Tags: IndianNiftystock marketTOP

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