SENSEX   75,527.95

+ 1,695.40

NIFTY   23,622.90

+ 461.30

CRUDEOIL   8,084.00

 -260.00

GOLD   150,650.00

+ 1,718.00

SILVER   246,714.00

+ 7,061.00

Updated - October 18, 2024 at 10:17 AM.

Indian benchmark indices Sensex and Nifty opened lower on Friday, extending losses for the fourth consecutive session, as foreign institutional investors (FIIs) continued their selling spree amid escalating geopolitical tensions in the Middle East.

The BSE Sensex opened at 80,749.26, down from its previous close of 81,006.61, while the NSE Nifty started at 24,664.95, sliding from Thursday’s close of 24,749.85.

“The persistent selling by FIIs, who have offloaded equities worth over ₹74,700 crore in October alone, remains a key concern for market sentiment,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities.

Technology stocks showed mixed performance in early trade. While Wipro emerged as the top gainer, surging 4.24 per cent following a 21 per cent profit rise and 1:1 bonus share announcement, Infosys dropped 2.37 per cent despite raising its revenue guidance.

The auto sector faced pressure as Bajaj Auto declined 2.64 per cent after reporting weak festival sales and a 31.4 per cent profit drop. “The disappointing growth forecast from Bajaj Auto for the festival season has dampened overall market sentiment,” noted Vikas Jain, Head of Research at Reliance Securities.

Consumer stocks witnessed selling pressure after Nestlé reported mixed Q2 results, with the stock falling among the top losers. Titan Company led the losses, dropping 2.85 per cent.

Global markets provided mixed cues. “US stocks closed mostly higher on Thursday, with the Dow logging its 39th record finish this year, supported by strong retail sales data,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

The technical outlook remains cautious. “The market is at a crucial ‘make or break’ point with 24,700-24,600 zone acting as key support,” said Sameet Chavan, Head Research at Angel One.

Key results scheduled for today include Tata Consumer, Jio Finance, L&T Financial, and ICICI Lombard.

In commodities, gold hit a fresh record high of $2,696 per troy ounce amid Middle East tensions, while crude oil stabilised around $74 per barrel.

Published on October 18, 2024

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