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POST-MARKET REPORT
Indian equity indices witnessed free fall on October 3 and lost 2 percent to end lower for the fourth consecutive session with Nifty falling below 25,250 amid rising geopolitical tensions between Israel and Iran.
At close, the Sensex was down 1,769.19 points or 2.10 percent at 82,497.10, and the Nifty was down 546.80 points or 2.12 percent at 25,250.10.
In today’s fall, investors’ wealth eroded by around Rs 9.6 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 465.25 lakh crore, from Rs 474.86 lakh crore in the previous session.
The biggest Nifty losers were BPCL, L&T, Tata Motors, Shriram Finance, and Axis Bank are among them, while gainers were JSW Steel and ONGC.
The market opened gap-down and extended the losses as the day progressed amid selling across the sectors, led by oil & gas, bank, auto, and realty, with BSE Sensex and Nifty50 breaking key support levels.
All the sectoral indices ended in the red with realty down 4.5 percent and auto, bank, media, capital goods, oil & gas index down 2-3 percent.
BSE Midcap and smallcap indices are down 2 percent each
STOCKS TODAY
ITD Cementation: ITD Cementation zoomed 20 percent to hit the upper circuit after the company secured a new contract to construct a multi-story commercial building in Uttar Pradesh. The contract is valued at approximately Rs 1,900 crore, inclusive of taxes and duties.
Dabur: In its Q2 business update, FMCG giant Dabur India said extreme weather events such as floods and heavy rains have impacted consumer demand. As a result, brokerages rushed to slash their target price on FMCG players as a result of their weaker-than-expected performance. Accordingly, the stock fell close to 6 percent.
Asian Paints: Asian Paints fell 4 percent after a Macquarie Equity Research report highlighted weak demand trends for paints and adhesives in the second quarter. Other paint stocks fell as well, such as Berger Paints and Kansai Nerolac.
Angel One: Angel One share price surged 4.5 percent despite markets regulator SEBI tightening F&O norms. The uptrend in the stock price was witnessed after global brokerage Investec maintained its ‘Buy’ rating on the discount brokerage and Motilal Oswal said it was well positioned to absorb any impact.
Oil Marketing Companies: Shares of oil marketing companies took a beating on October 3, with names like BPCL, HPCL, and IOCL slipping up to 7 percent on the back of a spike in Brent crude prices. Brent crude prices surged over four percent overnight as geopolitical tensions in the Middle East escalated.
Realty Stocks: Shares of DLF, Sobha, Godrej Properties, Lodha, and other realty firms fell up to 6 percent on October 3 amid a market sell-off. The slump comes as housing unit registrations dropped in Mumbai in September. Data showed that the number of housing units registered in Mumbai in September 2024 dropped 15 percent year-on-year (YoY) to 9,111 units, as buyers delayed purchases due to the inauspicious Shraadh period and expectations of a stamp duty reduction before the state elections.