The Indian stock market witnessed a decline on September 30, 2024, with both the Nifty and Sensex dropping significantly. The Nifty index slipped below the 26,000 mark, trading at 25,979.10, down by 199.90 points or 0.76%. The Sensex also fell 682.89 points or 0.80% to 84,888.96. Bank Nifty underperformed, declining over 1%, impacted by losses in Axis Bank and ICICI Bank.
Major Gainers and Losers
- Gainers: JSW Steel emerged as the top gainer on the Nifty, rising by 2% to ₹1,021.60. Other notable gainers included NTPC, Hindalco, Tata Steel, and BPCL.
- Losers: The major losers dragging down the index were Hero MotoCorp, which fell 2.96%, Tech Mahindra, Axis Bank down 1.81%, ICICI Bank down 1.67%, and TVS Motor, which dropped by 2.80%.
Sectoral Performance
- Best Sector: Nifty Metal stood out as the top-performing sector, rising by 1.56% to 10,221.50, supported by gains in metal stocks.
- Worst Sector: Nifty Energy was the worst performer, falling by 1.25% to 43,987.90.
Market Breadth
Around 1,191 shares advanced, 2,040 shares declined, and 150 shares remained unchanged, indicating a negative breadth in the market.
Bank Nifty and Other Indices Performance
- Bank Nifty: The index underperformed the broader market, down 1.24% at 53,164.55. Year-to-date (YTD), the Bank Nifty has gained 10.09%.
- Nifty Midcap 100: Fell by 0.84% but remains up by 29.65% YTD.
- Nifty Smallcap 100: Declined 0.75% but shows strong gains of 26.11% YTD.
- Nifty Next 50: Down by 0.83%, yet up 44.66% YTD.
The stock market remains under pressure, with Nifty slipping below the key 26,000 level as investors reacted to losses in major financial and technology stocks, while metal stocks provided some support amidst a broad sell-off.
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