Early Friday trading saw a sharp decline in benchmark indexes Sensex and Nifty due to a sell-off in metal stocks, outflows of foreign funds, and weak global market trends. The NSE Nifty fell 330.55 points to close at 24,218.15, while the 30-share BSE Sensex fell 1,079.44 points to 80,210.52 as of 10:46 am.
Tata Steel, JSW Steel, IndusInd Bank, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, State Bank of India, and Reliance Industries were among the top losers in the 30-share Sensex blue-chip group. On the other hand, Bharti Airtel, Hindustan Unilever, Nestle, and Adani Ports saw increases.
According to stock market data, foreign institutional investors (FIIs) sold stocks on Thursday for ₹3,560.01 crore. According to experts, Indian markets stayed quiet due to a weak global signal and anticipation of the Fed’s rate announcements. They expect the pre-budget period to see a possible recovery in railways, defense, and other companies despite the current pullback.
Ajay Bagga, a banking and market expert, told the media, “Weak global cues are an overhang on the Indian markets today. There is little faith in the frequent Chinese stimulus announcements, which have been underwhelming in terms of real impact. Indian markets are continuing their range-bound, consolidating mode. We expect that to continue till the Fed rate cut event is out of the way. Post that, we could see a pre-Budget rally set in. Railways, defense, industrials, IT, and financials are the strong spots going into the year-end.”
While the Nifty Oil and Gas and Nifty Realty indices saw gains in the early session, the majority of indices saw drops in sectoral performance on the NSE. Of the Nifty 50 stocks, 36 stocks declined and 14 stocks rose. Eicher Motors, BPCL, Adani Enterprises, Nestle India, and ICICI Bank were the top gainers, while JSW Steel, Tata Steel, and Hindalco were among the losers.
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