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  5. NIFTY50 trades below 25,000 and SENSEX falls 230 points; TCS, Cipla, ICICI Bank are among top losers

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NIFTY50 trades below 25,000 and SENSEX falls 230 points; TCS, Cipla, ICICI Bank are among top losers

Upstox
By Upstox News Desk

2 min read | Updated on October 11, 2024, 12:55 IST

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SUMMARY

Benchmark indices continued to slide further after giving up morning gains on Friday as key banks and IT stocks dragged indices lower. The market breadth remained on the neutral side on the NIFTY50 as 24 stocks advanced, 25 declined and 1 remained unchanged.

Stock list

HINDALCO
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EICHERMOT
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TCS
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CIPLA
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NIFTY50 trades below 25,000 and SENSEX falls 230 points; TCS, Cipla, ICICI Bank are among top losers

NIFTY50 trades below 25,000 and SENSEX falls 230 points; TCS, Cipla, ICICI Bank are among top losers

Indian equity benchmarks continued to trade flat in morning deals, amid selling in Utilities, Realty and Auto counters. Traders remained on sidelines ahead of the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data.

Some concern came with a private report that India’s retail inflation, based on the Consumer Price Index, likely rose to 5.1% in September from 3.65% in August, primarily due to an unfavourable base effect. In September 2023, CPI inflation was at 5.02%.

Besides, exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,926.61 crore on Thursday.

On the sectoral front, stocks related to the airline sector remained on watch as Credit rating agency ICRA’s report stated that the overall air cargo volumes likely to witness healthy growth of around 9-11% YoY to around 3.6-3.7 million tonnes in FY2025, supported by 11%-13% expansion in international and 4%-6% growth in domestic cargo.

On the global front, Asian markets are trading mostly in the green despite the broadly negative cues from Wall Street overnight. Data showing the bigger-than-expected increase in US consumer prices further offset optimism that the US Fed will continue to aggressively lower interest rates in the coming months.

The BSE Sensex traded at 81372.85, down by 232 points or 0.25% after trading in a range of 81334.38 and 81671.38. At 12:15 p.m., 14 stocks advanced, and 16 stocks declined.

The NIFTY50 traded at 24,944, down by 50 points or 0.22% after trading in a range of 24920.35 and 25028.65. At 12:15 p.m., the index had 24 stocks advancing, 25 stocks declining, and 1 stock unchanged.

The top gainers on NIFTY50 were Hindalco up by 1.90%, Eicher Motors up by 1.78%, Tata Steel up by 1.60%, JSW Steel up by 1.60% and ONGC up by 1.23%. On the flip side, TCS (-1.07%), Cipla (-1.04%), Mahindra & Mahindra (-0.97%), Bajaj Auto (-0.73%) and ICICI Bank (-0.72%) were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 230.49 points or 0.59% to 39,611.38, Taiwan Weighted added 261.33 points or 1.15% to 22,920.41, KOSPI increased 4.78 points or 0.18% to 2,603.94, Straits Times rose 0.88 points or 0.02% to 3,586.17 and Jakarta Composite gained 44.34 points or 0.59% to 7,524.42.

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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