The Indian stock market faced a severe sell-off on October 3, 2024, with the Sensex tumbling by 1,750 points, while the Nifty 50 dropped 549.55 points, closing at 25,247.35. This drastic fall resulted in every sector ending in the red, signaling broad-based market distress. Investors saw significant losses, especially in the real estate, auto, and capital goods sectors, which recorded the steepest declines, down by 3% and 2%, respectively.
At the end of the trading day, the Sensex was at 82,495.01, reflecting a 2.10% fall, while the Nifty Bank also dropped by 1,188.65 points, closing at 51,733.95, registering a 2.25% loss.
Major Movers: Gainers and Losers
Among individual stocks, JSW Steel emerged as the biggest gainer, rising by 1.47% to ₹1,042.40, as the metal sector bucked the overall downward trend. On the other hand, BPCL was the worst hit, with its stock plunging by 5.28% to ₹348.80.
Tata Motors and Asian Paints were among the other significant losers, with the former seeing a 15% drop in September sales, which translated into a 12% decline in its stock price over the last month. Other companies like L&T, Bajaj Finserv, and Axis Bank also faced steep losses during the day.
Broader Market and Sector Performance
The broader market also saw widespread losses, with BSE Midcap and Smallcap indices declining over 1% each. All sectoral indices ended in negative territory, with the Nifty Pharma index showing the least decline, down 0.64%, while the Nifty Infra index was the worst performer, dropping by 2.89%.
Key Updates from the Trading Session
The day was marked by several notable developments. Brokerage firm Investec upgraded its target for Angle One to ₹3,000, based on SEBI's final F&O regulations, which were less severe than anticipated. Petronet LNG surged nearly 6% after Emkay Global upgraded the stock to a "Buy" rating following the commissioning of new LNG storage tanks at its Dahej terminal.
In another notable move, RITES signed a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) to collaborate on metro projects in India and abroad. Meanwhile, Coal India's production dropped by 1% to 50.9 million tonnes in September 2024, compared to 51.4 million tonnes a year ago.
Conclusion: Bearish Sentiment Prevails
The sharp decline in the Indian stock market underscores a growing bearish sentiment as investors react to both domestic and global concerns. The significant losses across all sectors, combined with individual stock plunges, highlight the market's vulnerability. Analysts are closely monitoring how macroeconomic factors and corporate earnings will influence market movement in the coming days.
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