Stock market closes in red lower due to decline in banking and financial sectors on Wednesday
The Indian stock market on Wednesday traded lower due to the declines in stocks of banking and financial companies.
ANI
Oct 30, 2024 16:04 IST
Mumbai (Maharashtra) [India], October 30 (ANI): The Indian stock market traded lower on Wednesday, impacted by declines in banking and financial stocks.
The benchmark indices saw losses, with the Nifty 50 closing at 24,340.85, down 126 points, and the Sensex ending at 79,942.18, a decline of 426.85 points.
On the National Stock Exchange (NSE), sectoral indices for Bank, Auto, Financial Services, IT, Pharma, Healthcare, Consumer Durables, and Oil & Gas traded in negative territory.
However, the indices for FMCG, Media, Metal, Realty, and Midsmall Healthcare showed gains during trading hours.
Top gainers on the NSE included Adani Enterprises, Hero MotoCorp, Tata Consumer Limited, Britannia, and Maruti, while the top losers were Cipla, Shriram Finance, HDFC Life, Trent Limited, and Infosys.
"The primary reason was a reversal in the banking sector after strong performance in the previous two sessions. The Nifty Smallcap 100 outperformed with impressive gains, and the Nifty Midcap 100 also recorded gains. Sectors such as FMCG and Media performed well today, while Financial Services, Consumer Durables, Pharma, and Healthcare lagged," said Gaurav Goel, SEBI-registered Investment Advisor.
The stock market is experiencing ongoing selling pressure from Foreign Institutional Investors (FIIs). However, buying support from Domestic Institutional Investors (DIIs) has helped balance the markets.
Experts noted increased global volatility across asset classes as the U.S. election approaches, with the lack of clear trends adding to the uncertainty.
During the session, approximately 459 stocks were in the upper circuit. Out of the 4,011 stocks traded, 2,892 advanced, 1,040 declined, and 79 remained unchanged. (ANI)
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