The Indian stock market, after a robust start to the Diwali week, opened in the red on Tuesday, October 29, 2024. The Sensex was trading at 79,660.76, a drop of 344.28 points or 0.43 per cent, while the Nifty was trading at 24,257.70, after falling 81.45 points or 0.03 per cent in the opening trade.
The market trend remained mixed with 635 stocks trading in the green and 405 stocks trading in the red on the National Stock Exchange (NSE). The Nifty Bank was at 51,404.35 after rising 145.05 points or 0.28 per cent.
The Nifty Midcap 100 index was trading at 55,728.40 level after slipping 8.20 points or 0.01 per cent. At the same time, the Nifty Small cap 100 index was at 18,065.00 after gaining 2.70 points or 0.01 per cent.
Top Gainers and Losers in the Market
Among the top gainers in the Sensex pack were NTPC, ICICI Bank, L&T and SBI Bank, while Bharti Airtel, M&M, Bajaj Finserv, Infosys and Axis Bank were the top losers. In the Nifty pack, the top gainers were NTPC, Eicher Motors, BHEL, ICICI Bank and Coal India, while M&M, Bharti Airtel, Axis Bank, Shriram Finance and HDFC Life were the top losers.
In the Asian markets, Bangkok, Hong Kong and Tokyo were trading in green, while the markets of Shanghai, Jakarta and Seoul were trading in red. The US stock market closed on the green mark on the last trading day.
Market Experts' Analysis and FII Activities
Market experts have noted that the decline in the intensity of FII selling bodes well for the market, but FIIs may continue to sell since the premium valuations of the Indian market are being questioned now in the context of concerns regarding FY25 growth and weakness in urban consumption.
On October 28, Foreign institutional investors (FIIs) sold equities worth Rs 3,228 crore, while domestic institutional investors bought equities worth Rs 1,401 crore. On Monday, Indian stock markets experienced a significant rebound, with the Sensex surging by 602 points, closing at 80,005, and the Nifty climbing 158 points to settle at 24,339. The benchmark indices had recorded the best session in one month.
In other news, Swiggy, the Indian food delivery major, filed a red herring prospectus with the Registrar of Companies (ROC) on October 28. The company has decided to open its maiden public issue for subscription on November 6, which will close on November 8.
The much-awaited IPO of the country's second largest food delivery company is a combination of fresh issuance of equity shares worth Rs 4,499 crore and an offer-for-sale of 17.5 crore equity shares by several existing shareholders.
Global Market Trends and Future Predictions
All the sectoral indices ended in the green with PSU Bank index rose 3.8 percent, Metal index added 2.5 percent, while pharma, media, realty up more than 1 percent each.
According to Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, the next few months are crucial given US presidential elections, state elections in India, demand scenario in festival and wedding season and food inflation trends in India.
"With Diwali approaching, the sentiment is expected to remain upbeat in this holiday-shortened trading week. India VIX fell 2% indicating lower volatility, going ahead," he said.
According to experts, with the US markets setting new record highs, the global stock market rally appears intact. The steady decline in crude and stability in the US bond yields impart resilience to the stock market despite lingering tensions in the Middle East.
"More importantly, the financial segment is doing well and is in the pink of health. Q2 results of leading banking names like HDFC, Kotak and Axis indicate improving prospects, " according to market watchers.
(With inputs from IANS)
