Market Overview of Sujata Muguda for Business News for Profit Oct 17

Stock Market Highlights: On Thursday, October 17, 2024, benchmark equity indices in India experienced a downward trend, with both the BSE Sensex and NSE Nifty50 ending the day in negative territory. This decline was largely attributed to the expiry of Nifty50 contracts and mirrored the performance of various Asian markets.

Market Performance

The BSE Sensex closed down by 494.75 points, or 0.61%, ending the session at 81,006.61. Similarly, the NSE Nifty50 also faced a significant drop, closing at 24,749.85, which reflects a decrease of 221.45 points, or 0.89%. The market’s downturn was evident as the bears dominated the trading floor, with 41 out of the 50 constituent stocks of the Nifty50 index closing in the red.

Among the hardest-hit stocks were Bajaj Auto, Shriram Finance, Nestle India, Mahindra & Mahindra, and Hero MotoCorp, which saw losses extending up to 13.11%. Conversely, a handful of stocks managed to finish the day on a positive note. Notable gainers included Infosys, Tech Mahindra, Power Grid Corporation of India, Larsen & Toubro, and State Bank of India, which recorded gains of up to 2.84%.

Broader Market Trends

The broader indices also followed suit, ending on a lower note. The Nifty Midcap 100 and Nifty Smallcap 100 indices both settled down by over 1%.

When examining the sectoral indices, the Nifty IT index stood out as the only sector to buck the trend, ending the day 1.19% higher. However, all other sectoral indices closed in the red. The Nifty Auto and Nifty Realty indices were particularly hard hit, both declining by over 3% each.

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Disclaimer
The information provided in this article is for informational purposes only and should not be construed as financial advice. The stock market is subject to fluctuations and past performance is not indicative of future results. Readers are encouraged to conduct their research or consult with a financial advisor before making any investment decisions.