Stock Market Update: Indices in Red, Nifty Drops Below 24,200
Stock Market Opening Bell: Domestic market indices are trading at a loss on Friday. The Sensex was trading at 79,452, down 129 points at 9:30 am. The Nifty is down 32 points at 24,163.
Stock Market Update: Indices in Red, Nifty Drops Below 24,200
Mumbai: Domestic stock indices opened with small gains but quickly reversed into losses on Friday. This downturn is largely driven by foreign institutional investors gradually withdrawing funds and lackluster corporate earnings, both of which have dampened market sentiment. As of 9:30 am, the Sensex stood at 79,452, down 129 points, while the Nifty was trading at 24,163, a decline of 32 points.
In the Sensex 30 index, key stocks including Reliance Industries, Tata Motors, Maruti Suzuki, ICICI Bank, Powergrid, NTPC, Tata Steel, Asian Paints, Bharti Airtel, Axis Bank, and Bajaj Finserv are in the red. Conversely, Infosys, Tech Mahindra, Sun Pharma, HCL Technologies, HDFC Bank, and TCS have shown gains. In global markets, Brent crude is trading at $75.21 per barrel, while gold is at $2,703.10 an ounce.
US markets ended with mixed results on Thursday, and Asia-Pacific indices are reflecting similar sentiment today. Australia's ASX rose by 1%, and Japan's Nikkei gained 0.34%. However, Shanghai fell by 0.46%, and Hong Kong’s Hang Seng dropped by 0.32%. Foreign Institutional Investors (FIIs) continued their selling trend, offloading shares worth a net ₹4,889 crore on Thursday. Meanwhile, Domestic Institutional Investors (DIIs) stepped in with net purchases of ₹1,787 crore.
Federal Reserve Cuts Interest Rates
The U.S. Federal Reserve has announced a 0.25% cut in its key interest rates. This follows a previous cut of 0.50% in September, the first in four years, as the Fed seeks to stimulate the job market with this additional reduction.
