Sensex and Nifty curbed as metal shares declined due to China's lack of stimulus measures.

Sensex and Nifty Slip Amidst Metal Stock Weakness, Impacted by China's Absence of New Stimulus Plans

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 08, 2024

Summary: The Nifty 50 index increased by 15 points to 24,811 as of 9:24 am, while the Sensex was up 64 points at 81,114.

Stock Market Today: The Indian market indexes were trading within a narrow band on Tuesday as gains in banking and financial services shares were offset with losses in metal, auto, realty, and oil & gas sectors. The Sensex moved at a range of 300 points when the Nifty 50 index hit an intraday high of 24,865.10 and low of 24,765.80.

Asian markets outside of China were trading down, with Japan's Nikkei down 1.37%, Hong Kong's Hang Seng down 6.25%, and South Korea's KOSPI down 0.72%.

The Chinese markets resumed trading on Monday with the Shanghai Composite up 5%, the SZSE Component index up 9.46%, and the China A50 index up 5.87% following a long weekend.

China presented its most extensive stimulus plans since the epidemic for five sessions, during which the CSI300 rose by 25%. As strong buying put pressure on brokers and trading systems, turnover skyrocketed, and on Monday, the Shanghai Composite and the CSI300 both recorded their biggest advances since 2008.

At home, the Nifty Metal index saw a 3% decline, driving eight of the thirteen sector indicators the National Stock Exchange maintained to lower trade. Analysts noted that as hopes of more stimulus measures from China reduced, selling pressure on metal stocks increased.

The Nifty indices for cars, IT, real estate, healthcare, Pahrma, and consumer durables all had declines of 0.2–0.7%. However, there was purchasing activity for media, banking, and financial services shares.

There was slight selling pressure on mid- and small-cap equities as the Nifty Midcap 100 index dropped 0.11 percent and the Nifty Smallcap 100 index dropped 0.22 percent.

Tata Steel had the highest Nifty loss, falling 4% to Rs 157.58. Tata Motors, JSW Steel, Hindalco, Wipro, Bharat Petroleum, HCL Technologies, Eicher Motors, ONGC, Hero MotoCorp, and Titan declined by 0.8-3.2 percent.

Hindustan Unilever, Mahindra & Mahindra, Ultratech Cement, Axis Bank, Trent, Bharti Airtel, State Bank of India, and Larsen & Toubro all saw gains.

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