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Home Finance Business Finance

Live Stock Market Updates: Sensex Dips 700 Points to 83,150, Nifty Falls 230 Points to 25,550

Business Standard by Business Standard
October 2, 2024
in Business Finance
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Live Stock Market Updates: Sensex Dips 700 Points to 83,150, Nifty Falls 230 Points to 25,550
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On the brisk morning of Thursday, October 3, 2024, investors were met with a subdued start to their trading day. The Indian stock markets, home to the renowned BSE Sensex and Nifty 50 indices, experienced a dip as the day began. This downturn was attributed to a mix of geopolitical tensions simmering in the Middle East and new trading regulations for index derivatives, casting a shadow over market sentiments.

As the markets opened, the BSE Sensex stumbled by 704 points, a decline of 0.84%, resting at 83,561. Concurrently, the Nifty 50 wasn’t spared either, descending by 231 points, or 0.9%, to mark at 25,565. Amidst this downturn, a faint glimmer of resilience was seen in the steel sector, with JSW Steel and Tata Steel posting gains of 1.66% and a modest increase, respectively, against the broader trend.

However, the market was not without its decliners. Names such as Mahindra & Mahindra, Asian Paint, Tata Motors, Maruti Suzuki India, and Power Grid Corp were notably in the red, each bearing losses that added to the day’s bearish tone.

The Nifty 50 too had its sole beacon of positivity in Hindalco Industries, which managed an uptick of 0.66%, standing out amid a sea of red where other constituents faltered. Losses here were led by a dramatic fall in Eicher Motors by 312%, trailed by declines in Bajaj Auto, Tata Motors, Asian Paints, and ICICI Bank.

Across the board, sectoral performance was largely negative, with only the Metal index bucking the trend. Key sectors like Auto, Realty, and FMCG dragged lower, each recording losses above 1%, alongside Nifty Bank, Financial Services, IT, Consumer Durables, and Oil & Gas experiencing similar fate.

The broader market sentiments were also dampened, as evidenced by the BSE SmallCap and MidCap indices, which declined by 1.09% and 1.14%, respectively.

In contrast, the previous trading session painted a different picture, with the BSE Sensex slightly down by 33.49 points or 0.04%, closing at 84,266.29, and Nifty 50 marginally lower by 13.95 points or 0.05%, settling at 25,796.90. This slight downturn followed a day of closure in observance of Gandhi Jayanti, illustrating how markets can vary dramatically in short periods.

The broader indices like Nifty Smallcap 100 and Midcap 100 managed to thread gains in the previous session, showcasing the unpredictable nature of equity markets.

Meanwhile, in Asia, Japanese equities were a beacon of strength, riding on a modest uplift from Wall Street amidst the Middle Eastern tensions. Other indices such as Australia’s S&P/ASX 200 and Hong Kong’s Hang Seng reflected mixed sentiments with slight downturns, pointing towards the global nature of these economic tremors.

Investors were also digesting a cornucopia of data from Australia and anticipating significant releases, juxtaposed against a backdrop of closed markets in China and South Korea for national holidays.

Global markets experienced slight fluctuations, with the MSCI’s index of global equities edging down while the oil market reacted nervously to escalating Middle East tensions, bounded by an unexpected surge in US crude inventories.

Geopolitically, the world’s eyes were fixated on the Middle East, particularly on Iran and Israel’s tit-for-tat missile exchanges, affecting not just regional but global market sentiments.

As markets swung, investors found solace in long-dated US Treasury yields, which hinted at a stable US labor market amidst worldwide uncertainties.

The day in the stock market, much like any other, was a testament to the intricate web of global economic interdependencies. From metal stocks shining amidst a gloomy market to geopolitical tensions dictating oil prices, the nuances were stark.

As we wrapped up the day, markets showed us, yet again, the delicate dance of supply and demand, geopolitical strife, and policy changes leading to ripples felt around the globe.

For more insight into these fluctuating market dynamics and to stay abreast of the latest global economic news, DeFi Daily News offers trends and analyses that cater to the curious mind.

In conclusion, while the markets may ebb and flow with the tide of world events and policy shifts, the keen observer can always find patterns and opportunities amidst the chaos. The tapestry of global finance continues to weave its intricate patterns, spotlighting the interconnectivity of our modern economic systems. As we look forward to the next trading session, one can’t help but marvel at the resilience and dynamism of global markets. Today, as always, offers a narrative of challenges, lessons, and, for the astute, opportunities.



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