Indian stock market hits mid-August lows after a 6-day Sensex fall; further declines are probably in store?Monday’s market conditions led to the Nifty closing 600 points down, the Sensex below 24,800, and the Bank Nifty 980 points lower.
The benchmark domestic indices, the NSE Nifty 50 and the BSE Sensex, both finished Monday’s trading session down.
Nifty, Sensex, and Stock Prices Standouts: The main equity indices saw a dismal close to the trading day on Monday. The BSE Sensex dropped 638.46 points, or 0.78%, to 81,050, while the NSE Nifty 50 declined 218.85 points, or 0.87%, to close at 24,795.75. The mind-cap and small-cap companies led the decline in the overall indexes, which concluded in negative territory. The Bank Nifty index finished at 50,478.90, down 983.15 points, or 1.91%. Among the other sector indexes, IT equities did better than those in media and banking.
Live stock market updates for today: Power & Infra (Gujarat) gets as much as 5%
The Department of Atomic Energy’s Nuclear Fuel Complex (NFC) in Kota has successfully completed a project worth Rs 10.18 crore, according to Power & Instrumentation (Gujarat). Following this statement, the company’s shares climbed 4.97% on the NSE, reaching Rs 219.
Top NSE Movers: At 3:05 PM, top gainers on the NSE were ITC up 1.58%, Bharti Airtel increasing 1.43%, Bajaj Finance gaining 0.86%, followed by Cipla and Infosys with advances of 0.74% and 0.51%, respectively.
Adani Ports was the loser, with a 4.12% decline, followed by Coal India (3.52%), NTPC (3.45%), ONGC (3.34%), and Power Grid (-3.7%).
Focusing on Jyoti Structures shares: Reputable investor Ashish Kacholia is listed as having a 2.52% interest in Jyoti Structures in the company’s Q2 shareholder declarations.
Top Losers on Nifty PSU Banks: On Monday, a number of Nifty PSU Bank equities saw significant declines in value. Indian Overseas Bank (IOB), down 3.83%, Union Bank of India (3.82%), UCO Bank (3.79%), Central Bank of India (3.44%), and Punjab & Sind Bank (PSB) (3.19%) were the top decliners.
Shares of EaseMyTrip fell 3%.: With the inauguration of its first franchise location in Hyderabad, Telangana, EaseMyTrip has grown its network of franchising companies. The company’s shares decreased 3% on the NSE on Monday, closing at Rs 32.32, despite the business expansion.
Over 3% decline in shares of Rama Steel Tubes: A significant year-over-year increase was seen by Rama Steel Tubes, which reported a strong sales volume of 50,921.67 tonnes in Q2FY25, up from 37,365.55 tonnes in Q1FY25 and 35,780.33 tonnes in Q2FY24. The company’s shares were down 3.15% on the NSE during trade despite the impressive result.
Avantel increased by 12%: After the business released its profits for the quarter that ended in September 2024, Avantel’s shares increased by 12% today. On the BSE, the stock surged 12.66% to Rs 201 after starting at Rs 198.90, up from the previous close of Rs 178.40.
The company’s market value grew to Rs 4,590.50 crore. The multibagger stock Avantel has soared 1301.26% in the last three years and 843% in the last two. The stock’s beta of 1.1 indicates that it is still quite erratic.
Suzlon Energy crossed the circuit at 5% lower. During intraday trading on Monday, the shares of midcap renewable energy company Suzlon Energy fell by 5% to Rs 70.98, the ninth straight session of declines. When September 25, 2024, came, the stock fell more than 15%.
The steep dip in Suzlon’s stock price followed a ‘advisory cum warning’ issued by the BSE and NSE earlier this month. Concerns over the company’s corporate governance procedures were brought up by the conversations after independent director Marc Desaedeleer’s departure. Both conversations made clear that any future violations of governance principles would be dealt with severely.
Kotak Securities on the movement of crude oil
The price of WTI crude oil jumped beyond $75 per barrel and ended the week 9% higher at $74.38, the most weekly increase since late March 2023. The worry that Israel will attack Iranian oil rigs in revenge for Iran’s recent missile launches, which may disrupt oil supply across the Strait of Hormuz, was the primary cause of this spike.
Prices are anticipated to continue volatile due to persistent worry over a potential larger regional confrontation, especially after words by Iran’s Supreme Leader Ayatollah Ali Khamenei calling for intensified anti-Israel actions. WTI crude oil prices have decreased little today, hovering around $74.20 due to worries over possible Israeli reprisals, despite advice from US President Joe Biden Israel should refrain from attacking Iran’s oil fields, according to Kotak Securities Assistant Vice President of Commodity Research Kaynat Chainwala.
NTPC down 4.5%: NTPC’s stock dropped 4.5%, hitting an intraday low of Rs 411.25. On October 07, the stock was among the Nifty 50’s worst losses. The stock’s subsidiary, NTPC Green, is preparing to conduct an IPO.
5.4% decline in Adani Ports: Adani Ports and Economic Zone’s shares dropped 5.4%, hitting an intraday low of Rs 1,337. In the Nifty 50, the stock was the biggest loss. Given that it manages Haifa, one of Israel’s major ports, the company’s stock is under strain because to the escalating war in West Asia. Every component of the NIty Metal index was seeing negative trading. Adani Enterprises and Hindalco are mostly to blame for Nifty Metal’s decline.
Day-2 shares of Reliance Power struck a 5% lower circuit: Anil Ambani’s Reliance Power shares dropped 11% from their 52-week high, closing Monday’s trading session on the lower circuit for the second straight day. The stock closed at Rs 48.43, 5% below its previous closing price on the BSE of Rs 50.97. Consequently, the company’s market value has decreased to Rs 19,454 crore. During the session, 6.47 lakh shares were traded, generating a transaction of Rs 3.13 crore on the BSE.
Goa Carbon’s stock dropped more than 5%: The Bilaspur Unit of Goa Carbon, located at 34–40, Sector B, Sirgitti Industrial Area in Bilaspur, Chhattisgarh, has announced the reopening of operations. Notwithstanding this encouraging development, the stock is now down 5.42% on the NSE, trading at Rs 746.35.
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