Indian stock market hits mid-August lows after a 6-day Sensex fall; further declines are probably in store?October 9 Market Close Highlights: Nifty approaches 25,000, Sensex drops 167 points, as the RBI MPC keeps rates at 6.5%.
Stock Market Today: The NSE Nifty50’s top laggards on Wednesday included RIL, ITC, Nestle India, ONGC, and Hindustan Unilever, with losses reaching 3.04 percent.
Highlights of the Stock Market for Wednesday, October 9, 2024: The benchmark equity indices, the NSE Nifty50 and the BSE Sensex, lost ground on Wednesday after paring their early gains. To close at 81,467.10, the Sensex lost 167.71 points, or 0.21 per cent. Today’s trading range for the index was 82,319.21–81,342.89 levels.
Similar to the Sensex, the Nifty50 had a decrease of 31.20 points, or 0.12%, to 24,981.95. On Wednesday, the index fluctuated between 25,234.05 and 24,947.70.
For the tenth consecutive term, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided to maintain the repo rate at 6.5% on Wednesday. But the committee said that it was now “neutral” and no longer “withdrawing of accommodation.”
The Nifty50 index’s 31 member firms out of 50 finished the day higher than when they started, with advances led by Cipla, Trent, Tata Motors, State Bank of India, and Tech Mahindra reaching 2.58%. On the other hand, out of the 19 equities that closed Wednesday with losses reaching up to 3.04 percent, Reliance Industries, ITC, Nestle India, ONGC, and Hindustan Unilever were among those that finished down.
In the wider markets, the NSE MidCap index gained 0.97 percent, and the NSE Smallcap100 index increased by 1.33 percent. Today, the benchmark indexes were underperformed by the wider markets. Sectoral indexes, with the exception of Bank Nifty, FMCG, Private Bank, and OMCs, concluded mostly in the green. The Nifty Pharma and Realty indexes saw gains of more than 2% apiece, outperforming other indices..
Pharma and Realty topped the gains in terms of sectors, both rising by more than 2%. On the other hand, FMCG, Private Bank, OMCs, and Bank Nifty all had negative endings.
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