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  5. SENSEX opens 200 pts lower, NIFTY50 above 24,000; Asian Paints cracks 9% on weak Q2 numbers

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SENSEX opens 200 pts lower, NIFTY50 above 24,000; Asian Paints cracks 9% on weak Q2 numbers

Upstox
By Upstox News Desk

2 min read | Updated on November 11, 2024, 09:57 IST

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SUMMARY

The top five gainers on the NSE were Power Grid, Tata Motors, Maruti, Trent, and Britannia. The top losers were Asian Paints, HDFC Life, BPCL, Axis Bank, and Cipla. 

Stock list

ASIANPAINT
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BIOCON
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RELIANCE
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CIPLA
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AXISBANK
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At 09:28 AM, the S&P BSE SENSEX was trading at 79,220.50 levels, down 266 points, or 0.33%

At 09:28 AM, the S&P BSE SENSEX was trading at 79,220.50 levels, down 266 points, or 0.33%

Stock market today: The stock market opened in negative territory on Monday, November 11, amid selling in index heavyweights such as Asian Paints, RIL, Axis Bank, and ICICI Bank. 

At 09:28 AM, the S&P BSE SENSEX was trading at 79,220.50 levels, down 266 points, or 0.33%, while the NSE's NIFTY50 index was ruling at 24,073.55 points, down 75 points, or 0.31%. 

The top five gainers on the NSE were Power Grid, Tata Motors, Maruti, Trent, and Britannia. The top losers were Asian Paints, HDFC Life, BPCL, Axis Bank, and Cipla. 

Buzzing Stocks

Shares of Asian Paints opened over 9% lower on Monday, November 11, as the paint major posted a disappointing set of numbers for the quarter ended September 30, 2024 (Q2 F25), owing to a subdued demand environment, material price inflation, and a decline in the decorative and coatings business in the domestic market.

The company on Saturday reported a 43.71% decline in consolidated net profit to ₹693.66 crore for the September quarter. It had logged a net profit of ₹1,232.39 crore during the July-September period a year ago. 

Biocon shares were trading over 4% higher at ₹335.30 apiece on the BSE as the USFDA has issued a "voluntary action indicated" or VAI tag to the manufacturing facilities of Biocon Biologics in Bengaluru.
ALSO READ | This small-cap defence company's stock surges 5%; here is why

Biocon Biologics is a subsidiary of pharmaceutical major Biocon Ltd.

Broader Market

The BSE SmallCap index was trading at 54,384.88 levels, down 528.97 points, or 0.96%. The BSE MidCap index was trading at 45,820.35 points, or 260 points, or 0.56%. 

Sector Watch

IT stocks were the biggest gainers, followed by auto stocks. The BSE Information Technology index was trading at 42,302.85, up 327 points, or 0.78%.

Global Markets

Hong Kong stocks led declines in Asia on Monday after Beijing's latest stimulus fell short of investor expectations, overshadowing Wall Street's record highs from Friday and futures pointing to further strength at the reopen.

Hong Kong's Hang Seng tumbled 2.5% at the time of writing this report, with a sub-index of mainland Chinese property shares tumbling 3.9%. Chinese blue chips weakened 0.3%.

(With inputs from Reuters)
Uplearn

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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