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Indian Indices

I) Nifty: opened at 25181 and touched a high of 25485 then a low of 24966 and closed at 25014 with a total of - 235 points in Negative

II) Bank Nifty: open 51643 and touched a high of 52358 then a low of 51347 and closed at 51462 With a total of - 383 points Negative

III) Fin Nifty: open 23795 and touched a high of 24035 then a low of 23560 and closed at 23621 With a total of - 259 points in Negative

IV) Nifty Mid Select: open 12956 and touched a high of 13069 then a low of 12777 and closed at 12812 With a total of - 163 points in Negative

NSE Advance and Decline

Nifty 500 Top Gainer

Nifty 500 TOP LOSER

Sectoral Performance

Outperforming stocks vs nifty 500 over 1 week

Underperforming Stock vs Nifty 500 over 1 week

Stock With Rising Volume

Headlines

Indian Stock Market Highlights (October 4, 2024)

The Indian stock market witnessed notable movements today, with key developments in various sectors that influenced individual stocks. While benchmark indices like the Nifty 50 and Sensex remain in focus, this report emphasizes stock-specific news, sector performance, and market trends beyond the index movements.

1. IT Sector Under Pressure

The IT sector faced selling pressure as global economic concerns weighed heavily on technology stocks. Major IT players like Tata Consultancy Services (TCS) and Infosys were among the top losers today. Investors have shown concern over weak global demand, especially in the US and European markets, as growth projections are being revised downward. With increasing fears of a slowdown in new contracts and a challenging outlook for the near term, IT companies are expected to remain under pressure. Infosys fell by over 2%, while TCS recorded a dip of 1.5% in intraday trading.

• Tech Mahindra and Wipro also followed a similar trend, declining between 1% and 2%.

2. Auto Sector Sees Mixed Trends

The auto sector displayed mixed performance, with some key players experiencing gains while others struggled. The festive season generally brings higher sales volumes, and this factor played positively for Maruti Suzuki and Mahindra & Mahindra (M&M). Maruti saw an uptick of 1.3%, driven by better-than-expected sales numbers for September, which led to optimism around its Q3 earnings.

However, two-wheeler manufacturers like Hero MotoCorp and Bajaj Auto were trading in the red. Hero MotoCorp’s stock slipped by 0.8%, as analysts remain cautious about the demand outlook for rural areas, a key market for the company.

3. Metal Stocks Surge

The metals sector outperformed the broader market, buoyed by rising global metal prices and increasing demand from domestic infrastructure projects. JSW Steel and Tata Steel were the star performers, gaining 3.2% and 2.9%, respectively. The uptick in global commodity prices, particularly steel and aluminum, has been a key driver of this positive sentiment. Additionally, government initiatives on infrastructure development have fueled demand for metals, which continues to support these companies' performance.

• Vedanta also saw a 2% rise after recent reports indicated an uptick in mining activities and higher production volumes.

4. Banking and Financial Services

In the banking sector, mixed results were observed, with some private banks trading in positive territory, while public sector banks (PSBs) were largely flat or marginally down.

• HDFC Bank witnessed a 1.5% rise on the back of strong loan growth numbers reported for Q2. The bank's steady expansion in retail and SME loans has kept investor interest intact. Analysts have also maintained a positive outlook on its earnings for the coming quarters.
• On the contrary, State Bank of India (SBI) was relatively subdued with a 0.3% dip. The PSU banking space, in general, has faced some pressure with concerns over asset quality and the ongoing issues in the small and medium enterprise (SME) loan segment.

Non-banking financial companies (NBFCs) like Bajaj Finance and HDFC Ltd. showed resilience as they gained 0.5% and 1%, respectively. Strong demand for consumer loans, especially in the housing and vehicle finance segments, contributed to this performance.

5. Pharma Sector Gains Momentum

The pharmaceutical sector gained traction as several companies reported strong quarterly numbers. Dr. Reddy’s Laboratories rose by 1.7%, primarily driven by robust earnings in the US generic market. In addition, Sun Pharmaceutical Industries gained 1.2% after it announced positive developments in its pipeline of new drugs.

• Lupin and Cipla followed the trend, both advancing by 1% each. The defensive nature of pharma stocks continues to attract investors amid global economic uncertainties, and the sector is likely to remain in focus in the coming weeks.

6. FMCG Stocks Witness Profit Booking

Fast-moving consumer goods (FMCG) stocks faced profit booking after a recent rally. Hindustan Unilever Ltd. (HUL) and ITC both saw minor corrections of around 0.5%. The sector had seen a strong upward movement in the past weeks due to rising consumption trends and increasing rural demand, but today’s session saw some selling pressure.

Investors are taking a cautious approach to these stocks as they wait for further cues on rural consumption patterns, which are expected to play a key role in FMCG performance during the festive season.

7. Energy Sector Shows Resilience

The energy sector remained resilient with stocks like Reliance Industries and ONGC witnessing gains. Reliance moved up by 1%, supported by positive news about its telecom and retail ventures, along with strength in its core energy business.

• NTPC and Power Grid Corporation were also in the green, with gains of 1% and 0.8%, respectively. The power sector, particularly renewable energy stocks, continues to receive attention as the government pushes toward renewable energy goals.

8. Midcap and Smallcap Space

The midcap and smallcap segments also saw varied movements. The BSE Midcap index was up by 0.4%, led by gains in stocks like Crompton Greaves and Jindal Stainless, which surged over 2%. On the flip side, the smallcap space saw some profit booking, with select stocks like Brightcom Group and Suzlon Energy witnessing dips after a prolonged rally.

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