The Sensex dropped by a marginal 33 points, closing at 84,266, while the Nifty slipped by just 1.5 points to settle at 25,809.
While tech and auto stocks helped cushion the indices, energy and infra stocks faced selling pressure. The broader markets, however, outperformed the benchmarks, with the BSE Midcap Index rising by 0.3% and the Smallcap Index gaining 0.6%.
Impact on the stock market
The Nifty IT index stood out as one of the top performers, rising over 1%. All 10 constituents of the index closed in the green, benefiting from a 0.4%.
Energy and infrastructure stocks faced selling pressure, contributing to the flat closing of the indices. Nifty Auto, however, gained 0.3%, supported by M&M, Hero MotoCorp, and Ashok Leyland, which all rose between 1% and 2.5% after releasing monthly sales data.
Nifty Metal index marked its eighth consecutive session of gains, reflecting optimism driven by China’s stimulus package for its property sector. The index rose 0.2%, led by NALCO, Adani Enterprises, and Vedanta.
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| Sector/Index | Performance |
| IT & BPM sector | +1.17% |
| Healthcare sector | -0.07% |
| Oil & Gas sector | -0.67% |
| Real estate sector | -0.20% |
| PSU Bank in India | +0.09% |
Top gainers today
| Company | Price | Change % |
| Tech Mahindra Share Price | 1,625.40 | +3.06 |
| M&M Share Price | 3,165.50 | +2.28 |
| Britannia Share Price | 6,446.05 | +1.70 |
| Adani Enterpris Share Price | 3,186.10 | +1.60 |
| Infosys Share Price | 1,904.35 | +1.53 |
Top losers today
| Company | Price | Change % |
| IndusInd Bank Share Price | 1,409.70 | -2.62 |
| ONGC Share Price | 291.95 | -1.90 |
| Asian Paints Share Price | 3,277.35 | -1.55 |
| Bajaj Auto Share Price | 12,157.45 | -1.53 |
| Titan Company Share Price | 3,775.95 | -1.26 |
Market aftermath: Impact on stocks
Vipul Organics Surges 13%
Vipul Organics stock jumped by 13% to reach a fresh lifetime high after announcing a 1:3 rights issue. The company plans to offer shares at ₹54 each, representing a significant discount from the previous session’s closing price of ₹260.75.
The funds raised will be used for capacity expansion, including the development of a new facility in Gujarat. By midday, the stock was trading at ₹286, a 9.7% increase.
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IDFC First Bank Rises 3% After RBI Approves Merger
Shares of IDFC First Bank rose by 3% following news that the Reserve Bank of India (RBI) had approved the bank’s merger with IDFC and IDFC Financial Holding Company.
This merger is seen as a key growth driver for the private sector lender, which has seen its stock rise over 6% in the past month. Analysts expect the merger to strengthen the bank’s loan growth, particularly in home loans, wheels, and rural finance.
Hercules Hoists Soars 20% on Record Date Announcement for Demerger
Hercules Hoists, a Bajaj Group company, saw its shares locked in the 20% upper circuit after it fixed October 11 as the record date for its demerger.
The company is demerging its manufacturing business into Indef Manufacturing, which is expected to unlock significant value for shareholders. Hercules Hoists stock has been on an upward trajectory, gaining 211% in the last 18 months.
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Crude Oil
On the commodities front, crude oil prices edged higher as tensions between Israel and Hezbollah escalated, raising concerns about supply disruptions in the region. October crude oil futures were trading at ₹5,740 on the MCX, reflecting a 0.03% rise. Brent oil futures were up by 0.17%, trading at $71.82 per barrel, while WTI crude futures rose by 0.19% to $68.30 per barrel.
Despite these gains, crude oil prices were somewhat capped by reports of OPEC+ increasing production output by 180,000 barrels per day in December. Additionally, Libya is set to restart oil production after a month-long halt, which could further stabilise prices.
Conclusion
In summary, the Indian stock market had a relatively flat day, with the Sensex and Nifty closing with minimal movement. IT stocks provided much-needed support to the indices, while energy and infra stocks faced pressure. Key performers included Tech Mahindra, M&M, and Vipul Organics, while Hercules Hoists saw significant gains on the back of its upcoming demerger. Crude oil prices also edged higher, driven by geopolitical tensions in the Middle East.
As the markets continue to navigate global uncertainties and domestic developments, investors are advised to keep a close watch on sectoral performance and upcoming earnings reports, particularly in the IT sector. Stay tuned for more updates and market analysis.
For more stock market insights, check out the StockGro blog.
