On October 24, after Diwali, the stock market experienced a phase of profit booking. Selling was observed across almost all sectors. The Sensex fell by 344 points to close at 84,211, and the Nifty dropped by 96 points to settle at 25,795. Hindalco, Airtel, and ONGC were the top gainers, while Cipla, HUL, and UltraTech Cement saw the most significant declines.
Stock Market Closing: Following Diwali, the Indian stock market witnessed sharp profit booking on Wednesday, October 24. Selling pressure was evident across almost all sectors. The Sensex closed down 0.41%, or 344.52 points, at 84,211.88, while the Nifty declined by 0.37%, or 96.25 points, to settle at 25,795.15. A total of 3,179 shares were traded on the NSE, with 1,235 advancing and 1,850 declining. Hindalco, Airtel, and ONGC were among the top gainers, while Cipla, HUL, and UltraTech Cement were the top losers.
Decline in Sensex and Nifty
The day proved weak for the stock market. The BSE Sensex closed down 344.52 points, or 0.41 percent, at 84,211.88 points. Meanwhile, the NSE Nifty ended with a decline of 96.25 points, or 0.37 percent, at 25,795.15 points. Both indices were in the green during early trading, but selling intensified rapidly in the afternoon, shifting the market's direction.
Pressure on Sectoral Indices
Weakness was observed across almost all sectors in the market. IT, FMCG, Metal, and Healthcare indices closed in the red. While some buying was seen in banking and energy stocks, it was insufficient to support the broader market. Smallcap and Midcap indices also closed lower.
In the FMCG sector, major stocks like HUL and Nestle faced pressure, whereas Hindalco showed strength in the Metal sector.
Number of Shares Traded on NSE
A total of 3,179 shares were traded on the NSE today. Of these, 1,235 shares closed with gains, while 1,850 shares recorded declines. Additionally, the prices of 94 shares remained unchanged. Market breadth was in favor of declines, indicating greater pressure on mid and smallcap stocks.
Today's Top Gainer Shares
Today, a wave of buying continued in some shares, which showed strength amidst the market's decline.
- Hindalco's share closed today with a gain of approximately ₹32.05, at ₹824.45. This stock showed strength in the metal space.
- Bharti Airtel's share rose by about ₹21.40, closing at ₹2,029.30. Expectations of improved operating margins for the company supported the stock.
- ONGC's share climbed ₹2.65 today, closing at ₹254.96. Stability in crude oil prices provided strength to this stock.
- ICICI Bank's share recorded a gain of ₹14, closing at ₹1,377.70. Mild buying was observed in private banking shares.
- Shriram Finance's share also rose by ₹5.80, closing at ₹715.45. Buying in finance sector shares remained limited.
Today's Top Loser Shares
Conversely, many blue-chip shares witnessed declines due to profit booking.
- Cipla's share today fell by ₹60.70 to close at ₹1,584.40. The market appeared disappointed with the company's recent results.
- HUL's share declined by ₹85.20, closing at ₹2,516.40. This stock was most affected due to pressure in the FMCG sector.
- Max Healthcare's share saw a decline of ₹26.90, closing at ₹1,184.10. Investor selling increased in healthcare shares.
- UltraTech Cement's share dropped ₹227 today to ₹11,918. Investors engaged in profit booking due to margin pressure and high valuations for the company.
- Adani Ports' share fell by ₹24.10, closing at ₹1,429. There was slight weakness in the infrastructure and logistics sectors.
Phase of Profit Booking in the Market
Prior to Diwali, the market had witnessed a continuous rally. The Sensex and Nifty recently touched record highs, after which investors began profit booking. According to analysts, limited buying by foreign investors and weakness in global markets also impacted the domestic market.
