Sensex and Nifty fall as Infosys and Reliance Industries suffer losses.

Infosys and Reliance Losses Drag Sensex, Nifty into the Red

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 24, 2024

Summary: Seven out of thirteen sector indexes owned by the Nifty Stock Exchange were trading lower, with a 0.5% drop in the Nifty PSU Bank and IT indices.

Due to losses in index heavyweights like Infosys, Reliance Industries, HDFC Bank, Hindustan Unilever, Tata Consultancy Services, and ITC, the Indian equity benchmarks dipped on Tuesday.

However, buying demand in metal shares limited the losses after China announced several initiatives to boost the economy. The Sensex lost up to 213 points, and the Nifty 50 index hit an intraday low of 25,886.85.

The Nifty 50 index dropped 17 points to 25,922, and the Sensex was down 106 points to 84,821 as of 9:21 a.m.

Chinese equities and bonds soared, while Asian markets reached 2-1/2-year highs after Governor Pan Gongsheng outlined plans to slash borrowing costs, infuse more cash into the economy, and reduce households' mortgage repayment burdens.

The National Stock Exchange's assessment of metal stocks increased by 1.6%. There was also slight purchasing interest in shares of media, pharmaceutical, and healthcare companies.

US stocks saw a slight increase in overnight trading on Monday as traders evaluated the possibility of a trend emerging in the week that follows the Federal Reserve's rate reduction.

The Dow Jones Industrial Average increased by 61.29 points, or 0.15 percent, to 42,124.65; the Nasdaq Composite increased by 25.95 points, or 0.14 percent, to 17,974.27; and the S&P 500 increased by 16.02 points, or 0.28 percent, to 5,718.57.

In India, the Nifty PSU Bank and IT indices saw a 0.5% decline, leading seven out of thirteen sector gauges compiled by the National Stock Exchange to lower trade. The Nifty Bank, FMCG, Realty, and Financial Services indices were all experiencing negative bias in their trade.

The Nifty Midcap 100 and Smallcap 100 indexes both increased by 0.2 percent, indicating that mid- and small-cap stocks outperformed their larger counterparts.

The top Nifty loser was Bajaj Finance, whose shares dropped 1.22 percent to Rs 7,502. The following companies saw declines: Infosys, Shriram Finance, HDFC Life, SBI Life, Wipro, Hindustan Unilever, HCL Technologies, IndusInd Bank, and Axis Bank.

On the other hand, the top gainers were: Hindalco, Tata Steel, Nestle India, Tata Consumer Products, Adani Enterprises, Power Grid, and Tata Motors.

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