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Home Economy

Markets trade lower as Sensex drops below 80,000; banks buck trend 

by Tradinghow
October 29, 2024
in Economy, Stock Trading
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Markets trade lower as Sensex drops below 80,000; banks buck trend 
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Indian equity benchmarks traded in the red during Tuesday afternoon trading, with the Sensex falling below the psychological 80,000 mark after opening flat, while banking stocks showed strength amid mixed market breadth.

The BSE Sensex declined 411.67 points or 0.51 per cent to 79,593.37 at 12:30 pm, after opening at 80,037.20. The broader NSE Nifty fell 60.85 points or 0.25 per cent to 24,278.30, compared to its opening level of 24,328.85.

Banking stocks emerged as a bright spot, with the Nifty Bank index gaining 478.70 points or 0.93 per cent to 51,738.00. The trend was mirrored in the Nifty Financial Services index, which rose 195.60 points or 0.82 per cent to 24,057.45.

  • Also read: Stocks that will see action today: October 29, 2024

The market breadth remained slightly negative, with 1,900 stocks declining versus 1,792 advances on the BSE. Additionally, 164 stocks remained unchanged. The session saw 113 stocks hitting their 52-week highs, while 66 touched their 52-week lows.

Circuit filters were triggered for several stocks, with 220 hitting the upper circuit and 241 touching the lower circuit limits during the trading session.

Among broader indices, the Nifty Next 50 witnessed a sharper decline, falling 446.45 points or 0.64 per cent to 69,584.10. The Nifty Midcap Select showed resilience with a marginal dip of 5.45 points or 0.04 per cent to 12,394.75.

The market’s performance marks a shift from Monday’s trading session when Indian indices had snapped their five-day losing streak. The morning’s flat start, which tracked mixed Asian markets and positive U.S. cues, gave way to selling pressure as the day progressed.

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB

Trading volumes remained healthy with 3,856 stocks being traded on the BSE by 12.30 PM, indicating participation across market segments.

Market participants continue to monitor global cues, ongoing corporate earnings seasons, and geopolitical developments, with several hours remaining in the trading session before the 3.30 PM close.

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Published on October 29, 2024





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