Market Highlight, Oct 31: IT stocks drag Sensex, Nifty on last Samvat 2080 day; Muhurat trading eyed
Stock Market Highlights: Benchmark equity indices BSE Sensex and Nifty 50 settled in red on Thursday
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(Photo: Reuters)
Stock Market Highlights, Thursday, October 31, 2024: Benchmark equity indices, BSE Sensex and NSE Nifty50, ended in negative territory for the second consecutive session on Thursday. This also marked the last trading session of Samvat 2080.
Notably, the BSE, National Stock Exchange (NSE), and Multi Commodity Exchange (MCX) will conduct an hour-long Muhurat trading session from 6-7 pm on Friday, November 1, 2024, instead of the regular trading session, to mark the beginning of Samvat 2081.
On Thursday, the BSE Sensex shed 553.12 points, or 0.69 per cent, to settle at 79,389.06. Mirroring the Sensex, the Nifty50 ended lower by 135.50 points, or 0.56 per cent, to 24,205.35. With this, Sensex posted a gain of 22.31 per cent in Samvat 2080, whereas for Nifty50 it stood at 26.40 per cent.
The last trading session of the incumbent Samvat ended in favor of the bears as 34 out of 50 constituent stocks ended in the red, dragged down by HCL Tech, Tech Mahindra, TCS, Infosys, and Asian Paints, with losses extending up to 3.61 per cent. Conversely, gains were led by Cipla, Larsen & Toubro, Dr Reddy's Labs, ONGC, and Mahindra & Mahindra, which were among the 16 stocks that ended in the green, with gains extending up to 9.50 per cent on Thursday.
Meanwhile, small-cap stocks outperformed in the broader indices, as the Nifty Smallcap 100 index ended higher by 1.15 per cent.
IT stocks faced the worst hit among sectors, as the Nifty IT index ended lower by 3.03 per cent, dragged down by Persistent Systems and Mphasis.
Other sectoral indices also ended lower, barring Media, Pharma, and Healthcare, which settled higher by over 1 per cent each on Thursday.
3:58 PM
Stock Market Highlights LIVE Updates: Sentiment may continue to be weak as long as Nifty stays below 24,500
The Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 50 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure. On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.
(View by: Rupak De, Senior Technical Analyst, LKP Securities)
(View by: Rupak De, Senior Technical Analyst, LKP Securities)
3:56 PM
Stock Market Highlights LIVE Updates: Core sector data, govt spend to influence Samvat 2081 strategy
The key benchmark indices traded with mild cuts while experiencing a broader sell-off in the technology sector due to weakness in the US IT companies, which has led the domestic IT companies to come under the shadow of underperformance. Investors remain cautious owing to weak domestic earnings for Q2.
However, the market expects the momentum to reverse in H2 due to a rebound in core sector data and government spending, which are likely to influence the Samvat 2081 investment strategy.
(View by: Vinod Nair, Head of Research, Geojit Financial Services)
However, the market expects the momentum to reverse in H2 due to a rebound in core sector data and government spending, which are likely to influence the Samvat 2081 investment strategy.
(View by: Vinod Nair, Head of Research, Geojit Financial Services)
3:52 PM
Stock Market Highlights LIVE Updates: Stocks to buy, sell in Diwali Muhurat Trading 2024
From a medium to long-term perspective, we remain optimistic on Indian markets and expect indices to give returns in mid double digits over 12 months period. However, from a short-term perspective, markets will be volatile and can see 4-5 per cent correction.
We prefer large-cap stocks over mid and small-cap and expect heavyweight to outperform over next 12 months.
(View by: Aditya Agarwal Head of Derivatives & Technical Analysis at Sanctum Wealth)
We prefer large-cap stocks over mid and small-cap and expect heavyweight to outperform over next 12 months.
(View by: Aditya Agarwal Head of Derivatives & Technical Analysis at Sanctum Wealth)
3:51 PM
Stock Market Highlights LIVE Updates: Cipla, L&T and ONGC gain on NSE
Cipla was the top gainer on NSE, rising over 9 per cent, followed by L&T and ONGC.
3:47 PM
Stock Market Highlights LIVE Updates: Nifty Pharma, Healthcare and Media end on top
In a weak market, sectors such as Nifty Pharma, Nifty Healthcare and Nifty Media ended the day in green in otherwise a sector wide weakness.
3:45 PM
Stock Market LIVE Updates: Broader indices mixed
The BSE SmallCap index outperformed benchmarks, rising 1.62 per cent, while the BSE MidCap index fell 0.34 per cent.
3:38 PM
Stock Market Highlights LIVE Updates: 22 out of 30 stocks end in red on Sensex
IT majors remained the top losers on the BSE Sensex at close on Thursday, with Tech Mahindra, HCL Tech and TCS falling the most.
3:35 PM
Stock Market Highlights LIVE Updates: Nifty50 finishes below 24,250
NSE's Nifty50 settled at 24,205, down 135 points or 0.56 per cent.
3:32 PM
Stock Market Highlights LIVE Updates: Sensex ends over 400 pts down
The BSE Sensex closed 411 points lower or 0.51 per cent at 79,530 level.
3:23 PM
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First Published: Oct 31 2024 | 7:55 AM IST