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Sensex Opens in Red After Strong Diwali Start, Nifty Dips Below 24,300

Rajeshwari R by Rajeshwari R
October 29, 2024
in Business
Reading Time: 3 mins read
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Sensex Opens in Red After Strong Diwali Start, Nifty Dips Below 24,300

Sensex Opens in Red After Strong Diwali Start, Nifty Dips Below 24,300

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Indian Stock Market Opens Lower After Diwali Surge

Mumbai: Following a strong start to the Diwali week, the Indian stock market opened in the red on Tuesday, with notable selling pressure observed across the auto, IT, financial services, and pharmaceutical sectors. The Sensex was trading at 79,660.76, down 344.28 points or 0.43%, while the Nifty declined by 81.45 points or 0.03% to trade at 24,257.70.

Market sentiment remained mixed, with 635 stocks advancing on the National Stock Exchange (NSE) compared to 405 stocks declining. The Nifty Bank index experienced a slight increase, trading at 51,404.35 after a rise of 145.05 points or 0.28%. Meanwhile, the Nifty Midcap 100 index fell marginally, standing at 55,728.40, down 8.20 points or 0.01%, and the Nifty Small Cap 100 index showed a minor gain of 2.70 points or 0.01% at 18,065.00.

Among the top gainers in the Sensex pack were NTPC, ICICI Bank, L&T, and SBI Bank. Conversely, Bharti Airtel, Mahindra & Mahindra (M&M), Bajaj Finserv, Infosys, and Axis Bank were among the top losers.

In the Nifty pack, the top gainers included NTPC, Eicher Motors, BHEL, ICICI Bank, and Coal India, while M&M, Bharti Airtel, Axis Bank, Shriram Finance, and HDFC Life saw declines.

In broader Asian markets, Bangkok, Hong Kong, and Tokyo were trading positively, whereas Shanghai, Jakarta, and Seoul faced downward trends. The US stock market concluded the previous trading session on a positive note.

Market experts noted that the reduction in foreign institutional investor (FII) selling is a promising sign for the market. However, concerns surrounding the premium valuations of the Indian market, particularly in relation to anticipated growth in FY25 and weaknesses in urban consumption, may lead FIIs to continue their selling activities.

On October 28, FIIs sold equities worth ₹3,228 crore, while domestic institutional investors (DIIs) purchased shares worth ₹1,401 crore on the same day.

The previous trading session had seen a significant rebound, with the Sensex gaining 602 points to close at 80,005 and the Nifty climbing 158 points to settle at 24,339, marking the best session in a month. As the market navigates these fluctuations, investors remain watchful of ongoing developments and sentiment shifts.

Tags: IndianSensexstock marketTOP

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