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  5. Top gainers and losers on October 31, 2024: HCL Tech, Tech Mahindra fall over 3.5% as markets close in red ahead of Muhurat Trading

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Top gainers and losers on October 31, 2024: HCL Tech, Tech Mahindra fall over 3.5% as markets close in red ahead of Muhurat Trading

Upstox
By Upstox News Desk

2 min read | Updated on October 31, 2024, 16:56 IST

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SUMMARY

HCL technologies emerged as the biggest loser among NIFTY stocks, declining by 3.61%. Tech Mahindra shares declined 3.58% as the stock turned ex-dividend on Thursday. TCS shares fell by 2.68% to close near the day's lows. Among NIFTY stocks IT, Banks, and consumer durables shares declined while pharma and media shares closed higher.

Stock list

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Top gainers and losers: HCL Tech, Tech Mahindra, TCS major drags as NIFTY, SENSEX extend losses

Top gainers and losers: HCL Tech, Tech Mahindra, TCS major drags as NIFTY, SENSEX extend losses

Benchmark SENSEX declined by 553 points while broader NIFTY retreated to the 24,200 level on Thursday, October 31, due to selling in IT and FMCG shares amid continued outflows by foreign investors.

NIFTY50 declined by 135.5, or 0.56%, to settle at 24,205 as investors preferred to book profits on the occasion of Diwali festival. As many as 34 NIFTY shares declined, and 14 advanced. The index opened on a weak note and later hit a low of 24,172.6 during the day.

SENSEX tanked 553.12 points, or 0.69%, to close at 79,389 as 25 of its constituents ended lower and four with gains. The barometer moved between 80,044 and 79,287 in day trade.

Continued selling by foreign institutional investors (FIIs) and losses in IT shares dragged the stock markets lower for the second straight day.

In the broader market, NIFTY Midcap indices dropped up to 0.7%, but Smallcap indices bucked the trend, rising up to 1.53%. IT, Banks, and consumer durables shares declined, while pharma and media shares closed higher.

HCL Tech, Tech Mahindra, TCS and Infosys among top losers

HCL technologies emerged as the biggest loser among NIFTY stocks, declining by 3.61%. Weaker-than-expected performance by US-based technology giants has weighed on Indian IT companies.
Tech Mahindra shares declined 3.58% as the stock turned ex-dividend on Thursday.
ALSO READ: Tech stocks tumble over 3%, here's why
TCS shares fell by 2.68% to close near the day's lows. Asian Paints dropped 2.35% after hitting the day's low of ₹2,919. Infosys also dropped 2.17 amid selling in IT shares.

Cipla, L&T, ONGC lead gainers

Pharma major Cipla rallied the most among NIFTY stocks with a gain of 9.5% after the USFDA classified its Goa manufacturing facility as “Voluntary Action Indicated” (VAI). This status would pave the way for the launch of Abraxane generic and other niche products.
Larsen & Toubro rose by 6.23% after the company reported better-than-expected results for the second quarter. The engineering giant reported a 21% rise in September quarter revenue to ₹61,555 crore. Net profit rose by 5% to ₹3,395 crore.
ONGC gained 2.04%, while Dr Reddy's gained 1.93%. M&M also closed in the green with gains of 1.61%.
Uplearn

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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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