Stock Market Live Updates: Nifty Share Price Today, November 5, 2024

Domestic indices experienced significant losses on Monday due to widespread investor selling. The Sensex hit a three-month low, while the Nifty closed below the critical 24,000-point mark. Although shares of Reliance Industries and major banks remained flat, overseas sales continued steadily. The rupee also declined, losing 4 paise to close at a lifetime low of 84.11 against the dollar. Crude oil prices rose, with a barrel trading at $74.98, up 2.57%.

The losses in the indices resulted in a decrease in the total market value of BSE-listed companies, known as investor wealth, which fell by ₹5.99 lakh crore to ₹442.11 lakh crore ($5.26 lakh crore). At one point, investor wealth had declined by as much as ₹8 lakh crore.

The Sensex opened at 79,713.14, down 11 points from the previous close of 79,724.12. After a sharp drop of 1,491.52 points to an intraday low of 78,232.60, it managed a partial recovery and closed at 78,782.24, losing 941.88 points overall. The Nifty ended the day down by 309 points, settling at 23,995.35, fluctuating between 23,816.15 and 24,316.75 points during the session.

Out of the 30 stocks in the Sensex, 24 declined. Major losers included Adani Ports (-3.23%), Sun Pharma (-2.68%), NTPC (-2.59%), Bajaj Finserv (-2.44%), Axis Bank (-2.41%), Tata Motors (-2.31%), Titan (-2.06%), and PowerGrid (-1.99%). Gainers included M&M (+2.35%), Tech Mahindra (+2.14%), and SBI (+1.07%).

Afcons Infrastructure shares initially dropped, opening at ₹430, down 7.11% from the issue price of ₹463. The stock reached a low of ₹419.85 before recovering to close at ₹474.55, up 2.49%. The company’s market value stands at ₹17,453.22 crore.

Azad Engineering shares rose 7.82%, closing at ₹1,575.35 after securing a ₹700 crore contract from Mitsubishi for turbine components. The stock spiked as much as 14% intraday to ₹1,670.25.

Niva Bupa Health Insurance has set its IPO price range at ₹70-74 per share. The offering opens on November 7 and closes on November 11, aiming to raise ₹2,200 crore at the upper end of the price range. Retail investors must apply for at least 200 shares.

Acme Solar Holdings will open its IPO on November 6 and close on November 8, with a price range of ₹275-289. The company plans to raise ₹2,900 crore through the IPO, and retail investors can apply for a minimum of 51 shares.

Reasons for Index Losses:

• With the U.S. presidential election set for Tuesday, investor sentiment is cautious. Tight competition between candidates Donald Trump and Kamala Harris has led investors to reduce positions.
• The U.S. Federal Reserve's interest rate decision, expected on November 7, may include a 0.25% rate cut, impacting market sentiment.
• Despite recent corrections, domestic stock valuations remain high, with Nifty 50’s PE ratio at 22.7 compared to a two-year average of 22.2, suggesting more room for adjustment.
• Weaker-than-expected quarterly results from major companies have dampened investor sentiment.
• China’s recent stimulus measures and the potential for more support have attracted foreign investors, who have shifted funds from Indian markets. Heavy foreign portfolio investor (FPI) selling since October has pressured Indian indices.

Reliance Shares Decline: Reliance shares dropped as much as 4% intraday, reaching a low of ₹1,285.10 due to selling pressure before closing at ₹1,302, down 2.77%. The company’s market value declined by ₹50,205.1 crore to ₹17.61 lakh crore.