Sensex and Nifty open lower in line with global market trends. IT and auto stocks trail.

Sensex, Nifty Dip Amid Global Market Slump; IT and Auto Stocks Lag Behind

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 16, 2024

Summary: The benchmark NSE Nifty 50 declined 35 points, while the BSE's 30-share Sensitive Index dropped over 150 points, or 0.2%, to open at 81,652.60.

Following the Asian peers, which were supported by a decline in chip equities following the release of the quarter's poor earnings by Europe's largest tech company, ASML, the domestic stock markets opened lower on Wednesday.

While the benchmark Nifty 50 of the National Stock Exchange saw a 35-point decline to open slightly above 25,000, the BSE's 30-share Sensitive Index dropped roughly 150 points, or 0.2%, to open at 81,652.60.

Mahindra & Mahindra and Nestle India led the losers chart in Wednesday's early trading minutes. At the same time, Reliance Industries, which closed lower on Tuesday due to a drop in net profit, opened 0.11 percent lower.

With gains of almost 0.5% apiece, Power Grid, Bajaj Finserv, Axis Bank, and HDFC Bank were among the major stocks that kept driving the market higher.

Regarding sectoral performance, the banking and oil and gas stocks saw a favorable increase, while the IT, healthcare, auto, and FMCG indexes opened in red.

The flight of foreign capital from Indian markets continued on Tuesday when foreign institutional investors sold a net Rs 17.49 billion ($208 million) worth of stocks. For the eleventh straight session, FIIs remained net sellers, presumably in anticipation of greater returns in stimulus-driven Chinese markets.

Later in the day, Nifty's Bajaj Auto will release its second-quarter earnings for the current fiscal year (Q2FY25).

ASML's poor results further impacted Wall Street, as the tech-heavy Nasdaq closed 1% lower and the energy sector suffered 3% as a result of falling oil prices.

Disclaimer: The sole purpose of our news article is to provide you with educational and informative content. The content in these articles does not intend investment, financial, legal, tax, or any other advice. It should not be used as a substitute for professional advice or assistance.