Mumbai: Benchmark Sensex and Nifty tumbled more than 1 per cent on Thursday after a two-day rally as investors remained on the sidelines ahead of the US Federal Reserve interest rate decision and unabated foreign fund outflows.

The BSE Sensex tanked 836.34 points or 1.04 per cent to settle at 79,541.79. During the day, it slumped 958.79 points or 1.19 per cent to 79,419.34.

The NSE Nifty dropped 284.70 points or 1.16 per cent to finish at 24,199.35.

From the 30-share Sensex pack, Tata Motors, Tech Mahindra, UltraTech Cement, JSW Steel, Sun Pharma, Asian Paints, IndusInd Bank and ICICI Bank were the major losers.

State Bank of India emerged as the only gainer from the pack.

Foreign institutional investors (FIIs) offloaded equities worth Rs 4,445.59 crore on Wednesday, according to exchange data.

In Asian markets, Seoul, Shanghai and Hong Kong settled higher while Tokyo ended lower.

European markets were trading in positive territory. Wall Street ended significantly higher on Wednesday.

Republican leader Donald Trump won the US presidential election for a second term, handing a shock defeat to his Democratic rival Kamala Harris, in one of the most remarkable comebacks in American electoral history, by rising from the political wilderness four years after his eviction from the White House and subsequent failed attempt to overturn the 2020 election outcome.

Global oil benchmark Brent crude dipped 0.33 per cent to USD 74.67 a barrel.

The BSE benchmark jumped 901.50 points or 1.13 per cent to settle at 80,378.13 on Wednesday. The Nifty soared 270.75 points or 1.12 per cent to 24,484.05.

Mumbai: Stock markets rallied more than 1 per cent on Wednesday with benchmark Sensex soaring 901 points on heavy buying in IT and pharma shares as Donald Trump is all set to win the US presidential elections.

Extending its gains to the second day, the BSE Sensex jumped 901.50 points or 1.13 per cent to settle at 80,378.13. During the day, it soared 1,093.1 points or 1.37 per cent to 80,569.73.

The NSE Nifty soared 270.75 points or 1.12 per cent to close at 24,484.05.

From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped over 4 per cent each. HCL Technologies, Tech Mahindra, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were also among big gainers.

Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.

“Global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending,” Vinod Nair, Head of Research at Geojit Financial Services said.

The domestic buying was broad-based, with IT leading the charge in anticipation of a rebound in IT spending in the US.

“BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players,” Nair added.

In Asian markets, Tokyo settled higher while Seoul, Shanghai and Hong Kong ended lower.

European markets were quoting in the green. Wall Street ended sharply higher on Tuesday.

Global oil benchmark Brent crude declined 2 per cent to USD 74.02 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,569.41 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought Rs 3,030.96 crore worth of shares, according to exchange data.

Bouncing back from Monday’s sharp fall, the BSE benchmark jumped 694.39 points or 0.88 per cent to settle at 79,476.63 on Tuesday. The Nifty climbed 217.95 points or 0.91 per cent to 24,213.30.

Mumbai: The Indian stock market was trading deep in the red on Monday’s mid-session as heavy selling was seen in the auto, metal, realty and energy stocks.

At 12 p.m., BSE Sensex was trading at 78,609, down 1,317 points or 1.65 per cent. On the other hand, NSE Nifty was trading at 23,862.55, down 441.80 points or 1.82 per cent during this time.

In the Sensex pack, shares of all companies except M&M and Tech Mahindra were trading in red. Sun Pharma, Reliance, NTPC, Tata Motors, Power Grid and Tata Steel were top losers.

Almost all sectoral indices were trading in the red. Auto, IT, PSU Bank, fin Services, pharma, MMCG, metal, realty, media, private bank, infra and commodities were major losers.

In the afternoon trade, Nifty Bank has come down to 51,097.95 after a massive fall of 575.95 points or 1.11 per cent. At the same time, the Nifty Midcap 100 index has come down to 55,671.20 after a huge fall of 824.85 points or 1.46 per cent. The Nifty Small Cap 100 index has come down to 18,384 after falling 410.75 points or 2.19 per cent.

The market trend remained negative. On BSE, 1,062 shares were trading in green while 2,856 shares were trading in red. There has been no change in 131 shares.

According to market experts, the focus of the global market will be on the US presidential elections for the next few days and instability may persist for some time regarding the election results.

New Delhi: Benchmark BSE Sensex rose nearly 448 points in the early session of special Muhurat trading on across-the-board buying by investors to mark the start of the new Samvat Year 2081. The 30-share index increased 447.90 points, or 0.56 per cent, to 79,836.96 as all of its constituents traded in the green. The index opened higher at 80,023.75 but shed some gains later.

The 50-issue Nifty of the NSE spurted 150.10 points, or 0.62 per cent, to 24,355.45 with 47 of its constituents ending in the green. Among major Sensex movers, Mahindra & Mahindra rose 2.66 per cent, Adani Ports 1.42 per cent, and Tata Motors by 1.35 per cent.

NTPC, Axis Bank, Titan, IndusInd Bank, Tata Steel, HDFC Bank, Reliance Industries and Bharti Airtel also advanced. Muhurat trading is a one-hour, symbolic trading session conducted by stock exchanges on the occasion of Diwali, marking the start of the new Samvat year.

During the Samvat year 2080 that ended on Thursday, the BSE Sensex jumped 14,484.38 points, or 22.31 per cent, while the Nifty climbed 4,780 points, or 24.60 per cent. Global markets were mixed as European shares rose in early trade. Most Asian markets closed with losses.

Japan’s benchmark Nikkei 225 dropped 2.6 per cent, the Shanghai Composite slipped 0.2 per cent and South Korea’s Kospi lost 0.5 per cent. Hong Kong’s Hang Seng index added 0.9 per cent.

Last Updated:October 24, 2024, 09:28 IST

Stock Market Updates: Indian benchmark equity indices BSE Sensex and Nifty 50 opened higher on Thursday.

Stock Market Updates: Indian benchmark equity indices BSE Sensex and Nifty 50 opened higher on Thursday.

At opening bell, the BSE Sensex was up 126 points, or 0.16 per cent, at 80,208, while the Nifty 50 was at 24,465, higher by 29.80 points, or 0.12 per cent.

Global Cues

Meanwhile, markets in the Asia-Pacific region were mixed on Thursday morning after the overnight decline in US stocks on on Wall Street.

South Korea’s Kospi was down 0.37 per cent after the country’s third-quarter GDP growth came in at 0.1 per cent quarter on quarter, missing Reuters’ estimates of 0.5 per cent growth, and following a 0.2 per cent decline in the second quarter.

The small-cap Kosdaq declined 1.08 per cent. Japan’s Nikkei 225 was up 0.48 per cent, while the Topix was up marginally.

Australia’s S&P/ASX 200 was up 0.14 per cent.

On Wall Street, all the three main indices finished lower, driven by losses in consumer discretionary, technology and communication services stocks.

The Dow Jones Industrial Average fell 0.96 per cent to 42,514.95, the S&P 500 fell 0.92 per cent to 5,797.42 and the Nasdaq Composite fell 1.60 per cent to 18,276.65.

Stock Market Today: The Indian equity benchmark indices, BSE Sensex and Nifty50, faced significant losses on Tuesday due to a massive outflow of foreign funds from the capital markets and weak global equities.
The BSE Sensex dropped 930.55 points or 1.15 per cent to settle at 80,220.72, while the Nifty50 declined 309 points or 1.25 per cent to 24,472.10.
The downturn was primarily led by major stocks such as Mahindra & Mahindra, State Bank of India, Power Grid, Tata Steel, Tata Motors, Larsen & Toubro, NTPC, Bajaj Finance, and Reliance, which collectively dragged the BSE Sensex down by 505 points, according to reports.
In contrast, ICICI Bank, Nestle, and Infosys emerged as the major gainers.

Why BSE Sensex, Nifty50 crashed today

Market sentiment was negatively impacted by various factors, including disappointing earnings growth trends, as reported by traders.
Analysts noted that weak earnings growth and sluggish global markets weighed on investor sentiment, with rising US bond yields and policy actions in China contributing to FII outflows.
Exchange data shows that on Monday, Foreign Institutional Investors (FIIs) sold equities worth Rs 2,261.83 crore, while Domestic Institutional Investors (DIIs) purchased equities amounting to Rs 3,225.91 crore.
The rupee also ended the day marginally weaker at 84.0775 against the US dollar, marking its lowest-ever closing level, after hitting an all-time low of 84.0825 earlier in the session.
“Bearish sentiment continued to dominate the domestic market today amid heightened volatility, with small and midcap stocks taking the biggest hit,” Vinod Nair, Head of Research, Geojit Financial Service told news agency PTI.
“The recent sharp rise in US bond yields signals diminished expectations for aggressive rate cuts by the US Fed, also affecting fund flows to EMs. In the short term, this bearish outlook may persist due to sluggish earnings growth trends,” he added.
Hyundai Motor India Ltd, the Indian subsidiary of the South Korean automaker Hyundai, had a disappointing debut on the stock market. The company’s shares closed more than 7 per cent lower than the issue price of Rs 1,960.
The company stock opened at Rs 1,931 on the BSE, marking a 1.47 per cent decline from its issue price. It briefly recovered to a high of Rs 1,968.80, up 0.44 per cent, but failed to maintain the momentum, eventually dropping 5.81per cent to Rs 1,846.
On the NSE, Hyundai’s shares debuted at Rs 1,934, down 1.32per cent, before further tumbling 5.88per cent to Rs 1,844.65 during the session.
The stock market had opened the day on a subdued note, reflecting weak global sentiment and carrying over the negative momentum from Monday’s decline. The Sensex had gained a modest 183.87 points to start at 81,335.14, while the Nifty rose by 31.55 points to open at 24,812.65.
Earlier in the intra-day trading session, the BSE Sensex plunged as much as 1,001.74 points, or 1.23 per cent, to reach 80,149.53.
The market displayed a mixed trend, with 22 companies advancing and 27 declining on the Nifty. Shriram Finance, Tech Mahindra, ICICI Bank, HCL Technologies, and Nestle India led the gains, while Tata Steel, Bharat Electronics Limited (BEL), Mahindra & Mahindra (M&M), Tata Motors, and Bharat Petroleum Corporation Limited (BPCL) emerged as the top losers in the opening session.

Global market performance

Asian markets had a mixed performance, with Seoul and Tokyo ending the day lower, while Shanghai and Hong Kong managed to close higher.
In the commodities market, Brent crude, the global oil benchmark, rose by 0.61 per cent to reach $ 74.74 a barrel.
While the European markets, on the other hand, were trading in negative territory. The US markets had a mixed session on Monday.

Conflicts in the Middle East have intensified, with Israel now engaged in a multi-front war involving Palestine, Lebanon, Yemen, and more recently, Iran. This escalation comes amidst the ongoing Russia-Ukraine war, which began in early 2022. These crises have led to growing concerns that the situation may evolve into a broader global conflict, potentially even another World War.

Veteran investor Shankar Sharma stirred discussions on geopolitical tensions with a tweet, predicting an inevitable escalated global conflict. He foresees the formation of two opposing blocs in the world, with the US, UK, Israel, and Europe on one side and Iran, Russia, China, and North Korea on the other.

“Apna prediction kilear hai: aaj nahi to Kal, ek World War hona hi hai. US UK Israel Europe: Side 1. Iran Russia China N Korea: Side 2. India? Referee without Penalty Powers,” Sharma said in a post on X (formerly Twitter) on October 2.

The tweet hinted at India’s uncertain role, likening it to a “referee without penalty powers” – a position of neutrality but with limited influence in mitigating the global conflict.

Sharma’s prediction aligns with growing concerns about escalating global tensions, particularly surrounding the US-China relations, the Russia-Ukraine war, and Middle Eastern conflicts involving Iran and Israel. The inclusion of major nuclear powers such as Russia, China, and the US intensifies the potential consequences of such a scenario.

Middle East tensions escalated significantly on October 1, when Iran launched around 200 ballistic missiles at Israel. In response, Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Tehran, while Iranian officials warned that any further targeting of their country would provoke an even more devastating counterstrike.

Sharma’s comment on India’s role as a “referee” reflects its current foreign policy of strategic autonomy and its ‘neutral’ position. While India maintains strong ties with the West, it has also sought to balance its relations with Russia and other non-aligned nations.

This is evident in its approach during the ongoing Russia-Ukraine war, where India has preserved diplomatic ties with both Russia and Ukraine. Prime Minister Narendra Modi has engaged with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, aiming to foster dialogue without explicitly taking sides.

Financial markets have been rattled by the ongoing geopolitical conflicts, with the Indian stock market indices, Sensex and Nifty 50, dropping over 2% each on Thursday. The heightened volatility in the markets have added to broader concerns about the global economic outlook amid speculations over how the conflict will evolve.

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