Selling resumes after two-day break; SENSEX tanks 900 pts, NIFTY50 trades around 24,200; here is why

2 min read | Updated on November 07, 2024, 11:03 IST

SUMMARY

At 10:30 AM, the S&P BSE SENSEX was trading at 79,432.78 levels, down 945.35 points, or 1.18% while the NSE's NIFTY50 index was trading at 24,189.20 points, down 295 points, or 1.12%

The share market declined a day after it witnessed a healthy rally after a long time on Donald Trump's win in the US elections.

Stock market today: Bears once again came with full force on Dalal Street on Wednesday, November 7, as the selling intensified in the morning trade.

At 10:30 AM, the S&P BSE SENSEX was trading at 79,432.78 levels, down 945.35 points, or 1.18% while the NSE's NIFTY50 index was trading at 24,189.20 points, down 295 points, or 1.12%. The share market declined a day after it witnessed a healthy rally after a long time on Donald Trump's win in the US elections.

Today's sell-off could be attributed to the cautiousness ahead of the Fed meeting outcome due today and the changes in policies Donald Trump could bring in as he becomes the 47th President of the United States.

All the sectors were trading in the red with auto and metal counters leading the losses. The BSE Auto index was trading at 53,944.94 points, down 782 points, or 1.43%.

The top gainers on the NSE were Apollo Hospitals, Tata Steel, HCL Tech, TCS, and Wipro. The top losers were Hindalco, Adani Enterprises, Power Grid, BEL, and BPCL.

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Hindalco shares slipped over 6.5% as its US-based arm Novelis reported an 18% fall in Q2 profit.

Tata Steel, on the other hand, was trading higher as the steel major on Wednesday reported a net profit of ₹758.84 crore for the September 2024 quarter, helped by lower expenses.

It had posted a net loss of ₹6,511.16 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing.

The company's total income rose to ₹54,503.30 crore during the second quarter against ₹55,910.16 crore in the same period a year ago.

Tata Steel reduced its expenses to ₹52,331.58 crore from ₹55,853.35 crore in the year-ago quarter.

Broader Market

The BSE SmallCap index was down 0.43% at 55,766.73 levels, while the BSE MidCap index was trading at 46,638.91, down 0.65%.

About The Author

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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Selling resumes after two-day break; SENSEX tanks 900 pts, NIFTY50 trades around 24,200; here is why

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