In a day marked by heavy selling, both the BSE Sensex and the Nifty 50 recorded significant declines. The Nifty 50 lost 1.17%, closing at 24,852 points, while the Sensex fell 1.25%, finishing at 81,170 points. This marked the end of a three-week rally, as global concerns outweighed domestic optimism.
The broader market saw losses in midcap and small-cap stocks, with the BSE Midcap falling 1.4% and the Smallcap index down by 1%. Volatility surged, as the India VIX climbed 6.5%, crossing 15 points.
Impact on the stock market
Among the sectoral indices, PSU Banks faced the most heat, with the Nifty PSU Bank Index plunging 3.7%. Heavyweight stocks like SBI, HCLTech, Tata Motors, and NTPC were the major contributors to the market’s downturn. On a weekly basis, the Nifty fell by 1.52%, while the Sensex was down 1.45%.
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| Sector/Index | Performance |
| IT & BPM sector | -0.86% |
| Healthcare sector | -0.33% |
| Oil & Gas sector | -2.16% |
| Real estate sector | -0.86% |
| PSU Bank in India | -3.47% |
Top gainers today
| Company | Price | Change (%) |
| Bajaj Finance Share Price | 7,314.85 | +0.97 |
| Asian Paints Share Price | 3,266.50 | +0.87 |
| JSW Steel Share Price | 931.00 | +0.60 |
| LTIMindtree Share Price | 6,171.65 | +0.36 |
| Nestle Share Price | 2,510.00 | +0.20 |
Top losers today
| Company | Price | Change (%) |
| SBI Share Price | 782.50 | -4.43 |
| BPCL Share Price | 352.15 | -2.37 |
| ICICI Bank Share Price | 1,208.15 | -2.25 |
| NTPC Share Price | 394.80 | -2.10 |
| HCL Tech Share Price | 1,756.10 | -1.92 |
Market aftermath: Impact on stocks
KEC International hits 52-week high
KEC International emerged as one of the few winners of the day. The company’s shares surged over 3% to reach a 52-week high after securing orders worth ₹1,423 crore in Saudi Arabia.
The continuous inflow of orders, especially from the Middle East, has significantly boosted KEC’s international order book, with the total year-to-date orders standing at over ₹11,300 crore, marking a 75% increase from last year.
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Marico rises 4.5% amid heavy volumes despite market downturn
Marico saw its shares climb by 4.5%, defying the broader market downturn, with heavy trading volumes pushing its stock to ₹668.75 on the NSE. Over 57 lakh shares exchanged hands, more than double the one-month daily average of 23 lakh shares.
Despite overall muted consumer sentiment and challenges facing consumer staples companies, Marico continues to attract investors with its strong market position. The stock now has strong support at ₹628 on the charts, and analysts are predicting that the price could target ₹691-727 in the near term.
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Dreamfolks surges 10%
Dreamfolks Services made a remarkable leap, with its share price surging over 10% to reach ₹522.15 per share on the NSE. This significant jump follows the company’s announcement of its expansion into highway dining, marking its foray beyond airport and railway station services.
The company’s latest offering will cater to travellers on highways, aiming to enhance the overall travel experience. Dreamfolks’ leadership believes this expansion is a natural progression in their strategy to capture multiple travel-related touchpoints.
Investors responded positively to the news, pushing the stock up by 10.63% in a single day. The stock has risen over 11% in the past month, showcasing strong investor interest in its new ventures.
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Crude oil price decline
Crude oil prices remained largely steady. Brent oil futures were at $72.68, and WTI October futures at $69.14. The delay by OPEC+ in increasing production output by two months provided some stability to oil prices.
The organization reaffirmed its voluntary production cuts of 2.2 million barrels per day until November 2025.
Despite the overproduction by countries like Iraq and Kazakhstan, OPEC+ emphasized full compliance with the new schedule. With a potential global oil surplus through 2025, the market awaits further developments.
Conclusion
The Indian stock market had a rough day, dragged down by global concerns and cautious investor sentiment ahead of the US jobs report. Despite the sell-off, select stocks like KEC International, Marico, and Dreamfolks Services managed to shine through the gloom. Meanwhile, crude oil markets remained steady, as OPEC+ postponed their planned increase in production.
Investors will likely remain on edge as they await more clarity on global economic conditions and domestic factors that may influence the market in the coming weeks.
Stay tuned on StockGro for more updates on market trends.
