Stock market upwards and downwards trend continues
New Delhi| Amid the huge fall in IndusInd Bank shares and continuous withdrawal of foreign capital, the stock markets on Friday lost early gains and were seen trading with a decline. BSE Sensex rose 130.56 points to 80,195.72 in early trade. Whereas NSE Nifty rose by 36.9 points to reach 24,436.30 points.
However, selling pressure soon dragged down both indices. The BSE benchmark fell by 197.47 points to 79,875.03 and the Nifty fell by 89.20 points to 24,310.20. IndusInd Bank fell 15 per cent out of 30 Sensex companies as the company reported a 40 per cent decline in net profit in the September quarter, standing at Rs 1,331 crore. This decline was mainly due to concerns about asset quality.
NTPC, Mahindra & Mahindra, Larsen & Toubro, Tata Steel and JSW Steel were also among the laggards. Among blue-chip companies, ITC jumped more than 3 per cent. The company reported its consolidated net profit for the second quarter ended September 2024 at Rs 5,054.43 crore, an increase of 1.8 per cent. ITC’s revenue from operations increased by 15.62 per cent to Rs 22,281.89 crore during the July-September period.
Axis Bank, Asian Paints, HCL Technologies, ICICI Bank and Kotak Mahindra Bank were the other big gainers. In Asian markets, Seoul, Shanghai and Hong Kong gained momentum, while Tokyo recorded a decline. American markets closed with mostly gains on Thursday.
Foreign institutional investors (FIIs) sold shares worth Rs 5,062.45 crore on Thursday, while domestic institutional investors (DIIs) bought shares worth Rs 3,620.47 crore, according to exchange data.
Brent crude, the global oil benchmark, rose 0.24 percent to $74.56 a barrel. On Thursday, the BSE index had fallen by 16.82 points, or 0.02 per cent, to close at 80,065.16 points. Nifty had closed at 24,399.40 points, down 36.10 points or 0.15 per cent in volatile trading.
