Nifty 50 and Sensex, snapped a five-day winning streak. Nifty fell below the 24,750 mark, closing at 24,717, down by 293 points or 1.2 percent. Sensex also plunged by 885 points or 1.1 percent, ending the day at 80,982.
This market correction erased the week’s gains, with both indices ending the week lower. In contrast, BSE Midcap and Smallcap indices outperformed their larger peers on a weekly basis.
Impact on the stock market
The BSE Power, Healthcare, Oil & Gas, and Power indices outperformed, closing with weekly gains. On the other hand, BSE Realty, Auto, IT, and FMCG indices witnessed weekly losses.
Except for pharma and healthcare, all other indices ended in the red, with auto, energy, PSU Bank, IT, metal, and realty sectors down by 1-3 percent.
You may also like: How the 2024 budget will transform economy and stock market – Key Insights!
| Sector/Index | Performance |
| IT & BPM sector | -2.41% |
| Healthcare sector | +0.36% |
| Oil & Gas sector | -1.24% |
| Real estate sector | -3.53% |
| PSU Bank in India | -1.72% |
Top gainers today
| Company | Price | Change (%) |
| Divis Labs Share Price | 4,991.25 | +1.49 |
| HDFC Bank Share Price | 1,659.15 | +1.24 |
| Dr Reddys Labs Share Price | 6,964.15 | +1.11 |
| Sun Pharma Share Price | 1,731.65 | +0.96 |
| Kotak Mahindra Share Price | 1,803.45 | +0.60 |
Top losers today
| Company | Price | Change (%) |
| Eicher Motors Share Price | 4,726.70 | -4.87 |
| Maruti Suzuki Share Price | 12,726.40 | -4.74 |
| Tata Motors Share Price | 1,096.65 | -4.17 |
| Hindalco Share Price | 648.05 | -3.78 |
| JSW Steel Share Price | 899.55 | -3.75 |
Market aftermath: Impact on stocks
Bikaji Foods climbs 8% to new peak
Shares of Bikaji Foods soared over 8 percent to reach a new peak of Rs 777 on the NSE. The stock has rallied 37 percent this year, outperforming the Nifty 50’s 14 percent rise. The company reported a 40.2 percent increase in consolidated net profit to Rs 58.06 crore and a 15.24 percent YoY rise in revenue to Rs 555.12 crore for the April-June quarter.
Strong earnings report for the April-June quarter and positive market sentiment towards the company’s growth potential in the high-growth packaged snacks industry.
The stock’s strong performance reflects investor confidence in the company’s growth prospects, driven by its execution in the high-growth packaged snacks industry.
You may also read: Varun Beverages Ltd
Triveni Engineering drops 5% on Q1 profit plunge
Shares dropped over 5 percent after reporting a 54 percent decline in consolidated net profit for the June quarter. The stock, however, has gained over 18 percent in the past six months. Triveni Engineering reported a net profit of Rs 31 crore, down from Rs 68 crore the previous year, primarily due to decreased segment performance.
The decline in net profit due to reduced production and increased off-season expenses in the sugar segment, despite a higher share of sales.
The decline in stock price highlights investor concerns over the company’s reduced profitability and segment performance.
Also read : Triveni Turbine Ltd: Fundamental Analysis
SJS Enterprises hits 52-week high with 12% surge
The stock surged over 12 percent to hit a 52-week high of Rs 958 following robust Q1 earnings. The company’s net profit rose nearly 57 percent YoY to Rs 28.2 crore, and revenue increased by 61 percent YoY to Rs 188.6 crore. The stock has gained over 54 percent in the past six months.
Robust earnings performance for the June quarter, driven by significant growth in net profit and revenue, along with the company’s strong position in the Indian decorative aesthetics industry.
The stock’s surge demonstrates positive investor sentiment following the company’s robust quarterly earnings and strong market position.
You may like: Are PSU Mutual Fund a Good Investment Option
Crude oil price decline
Crude oil futures traded higher on Friday morning due to fears of potential supply disruptions following recent developments in West Asia. At 9:54 am, October Brent oil futures were up by 0.74 percent at $80.11, and September crude oil futures on WTI were up by 0.79 percent at $76.91.
On the Multi Commodity Exchange (MCX), August crude oil futures were trading at ₹6,448, up by 0.19 percent. The recent OPEC+ meeting did not result in any changes in production output policies despite the decline in crude oil prices in recent weeks.
Conclusion
Overall, the Indian stock market experienced a day of mixed performances with significant movements in various sectors and stocks. While some stocks soared on strong earnings reports, others fell due to disappointing results.
The market correction on Friday erased weekly gains for the benchmark indices, but midcap and smallcap indices showed resilience. As global and domestic factors continue to influence the market, investors remain cautious and watchful of upcoming developments.
Stay tuned on StockGro for more updates on market trends.
