Sensex down by 300 points; Nifty below 24,400

Sensex Dips 300 Points, Nifty Falls Below 24,400 Mark

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 30, 2024

Summary: The Sensex came up from its early losses and ended Tuesday's trading at 364 points.

The Nifty fell by 129.25 points to 24,337.60 on Wednesday, while the Sensex fell to 366.53 points to 80,000.

Due to late purchasing in banking and energy shares, the benchmark Sensex recovered its early losses to complete Tuesday's trading session up roughly 364 points, continuing its rise for the second day.

At 80,369.03, the 30-share BSE barometer increased 363.99 points, or 0.45%, with 16 of its components closing higher and 14 closing down.

In late morning trading, the index dropped 583.69 points from its lower opening price to 79,421.35. But second-half purchases of oil, banking, and financial equities helped recover losses and end the day higher. In day trading, the index reached a peak of 80,450.48.

At 24,466.85, the Nifty is 127.70 points, or 0.52%. The traders said that the recovery was aided by strong worldwide trends and persistent purchases by domestic institutional investors (DIIs).

The State Bank of India rose 5% from the 30 Sensex pack, followed by Larsen & Toubro, ICICI Bank, Bajaj Finserv, NTPC, Adani Ports, and Bajaj Finance.

On the other hand, the losers were Mahindra & Mahindra, Tata Motors, Maruti, Sun Pharma, Bharti Airtel, and IndusInd Bank.

According to Deepak Jasani, Head of Retail Research at HDFC Securities, “Nifty extended its recovery for a second consecutive session on Tuesday, rebounding well from morning lows. Banks like PSU did well for the second consecutive session.”

The smallcap index increased by 0.71 percent and the BSE midcap index increased by 0.74%.

Among the sectoral indices, Bankex, financial services, real estate, capital goods, and utilities, they were increased by 2.20 percent, 2.26 percent, and 1.46 percent, respectively.

The companies that fell behind were Teck, IT, telephony, and consumer discretionary. On the BSE, 126 stocks stayed the same, 1,623 fell, and 2,242 stocks increased.

Based on exchange data, foreign institutional investors (FIIs) sold stocks worth Rs 3,228.08 crore on Monday, while DIIs purchased stocks worth Rs 1,400.85 crore.

Shanghai finished lower in the Asian markets, but Seoul, Tokyo, and Hong Kong settled in the green. The markets in Europe were trading more strongly. On Monday, the US markets closed the day higher.

Brent crude, a global oil benchmark, increased 0.66 percent to USD 71.89 a barrel.

On Monday, the BSE benchmark settled at 80,005.04 after rising 602.75 points, or 0.76 percent. At 24,339.15, the Nifty surged 158.35 points, or 0.65%.

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