The Sensex was up 144 points (0.2%) at 81,611, while the Nifty 50 dropped below 25,000, closing flat at 24,998.
The broader market reflected mixed sentiments, with the BSE Midcap index down 0.4% while the BSE Smallcap index rose by 0.5%.
The day opened with a positive sentiment, fueled by the release of minutes from the Federal Reserve’s policy meeting, which sparked hopes of potential rate cuts in the US. This would likely lead to increased inflows into emerging markets like India. However, heavy losses in sectors such as pharma and IT offset the gains.
Impact on the stock market
The stock market was a mixed bag across various sectors:
- Nifty Pharma and Nifty Healthcare indices faced significant pressure, both dropping 2%, with Sun Pharmaceutical Industries, Lupin, and Cipla leading the declines.
- The Nifty IT index also fell by over 1%, snapping a four-day winning streak ahead of TCS’s quarterly results.
- In contrast, Nifty Bank gained over 1%, led by strong performances from HDFC Bank, Kotak Mahindra, and Axis Bank, which helped prevent a larger fall in the Nifty.
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| Sector/Index | Performance |
| IT & BPM sector | -1.25% |
| Healthcare sector | -1.95% |
| Oil & Gas sector | -0.04% |
| Real estate sector | -0.40% |
| PSU Bank in India | -0.26% |
Top gainers today
| Company | Price | Change % |
| Kotak Mahindra Share Price | 1,876.10 | +4.18 |
| HDFC Bank Share Price | 1,662.40 | +1.79 |
| Bharat Elec Share Price | 286.90 | +1.59 |
| Maruti Suzuki Share Price | 12,944.10 | +1.44 |
| Power Grid Corp Share Price | 334.35 | +1.39 |
Top losers today
| Company | Price | Change % |
| Cipla Share Price | 1,618.90 | -3.67 |
| Tech Mahindra Share Price | 1,619.70 | -2.36 |
| Trent Share Price | 8,028.85 | -2.34 |
| Sun Pharma Share Price | 1,887.75 | -2.23 |
| Hero Motocorp Share Price | 5,456.10 | -1.77 |
Market aftermath: Impact on stocks
Hyundai Motor India IPO sees grey market premium drop
The market is eagerly awaiting the Hyundai Motor India IPO, set to open for subscription on October 15. However, its grey market premium (GMP) has seen a sharp fall, dropping over 70% from its peak. The GMP currently stands at Rs 147, compared to Rs 570 in late September. Despite this, the IPO still aims to raise over Rs 27,000 crore through an offer for sale (OFS), valuing the automaker at Rs 1.6 lakh crore.
This IPO marks a significant event as it will be India’s largest auto sector listing since Maruti Suzuki in 2003, with Hyundai Motor India being the second-largest carmaker in the country. The market is watching closely to see how the stock performs, especially in light of the recent GMP fluctuations.
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Hindenburg takes short position in Roblox
Hindenburg Research has taken a short position in Roblox Corporation, accusing the online gaming platform of inflating its user metrics. The short seller alleges that Roblox overstated its user base by 25-42% and its engagement hours by more than 100%.
Following these revelations, Roblox shares dropped sharply in pre-market trading. This news has spooked investors, raising concerns about the company’s credibility and long-term growth prospects.
PhysicsWallah preps for IPO
India’s leading ed-tech unicorn PhysicsWallah is gearing up for its IPO in 2025, after recently raising $210 million, which valued the company at $2.8 billion.
The firm has shortlisted four investment banks—Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan—as it prepares for a potential $400-500 million IPO. PhysicsWallah, which started as a small YouTube channel, is now a significant player in the ed-tech space and could become India’s first ed-tech company to go public.
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Crude oil prices dip amid profit-booking
Crude oil futures traded higher today due to fears of supply disruptions in West Asia. Brent oil futures were up 0.81% at $77.20, while WTI futures rose by 0.72% to $73.77. In India, MCX October crude oil futures traded at ₹6,206, up 1.42% from the previous session.
In the US, Hurricane Milton also contributed to the rise in oil prices, as it led to increased demand for gasoline in Florida, where fuel stations are running out of stock. The latest data showed an unexpected increase in US crude oil inventories by 5.8 million barrels, which limited the overall price surge.
Conclusion
Today’s market session was a rollercoaster, with gains in banking stocks offset by losses in pharma and IT sectors. The continued rise in crude oil prices due to geopolitical tensions and supply disruption fears added to the volatility. Investors are now focusing on the upcoming US consumer price index (CPI) data and TCS’s earnings report, both of which could have significant implications for the market in the coming days.
As companies like PhysicsWallah prepare for their IPOs and big names like Hyundai Motor India hit the market, the next few months will be crucial for investors looking for new opportunities amidst the global uncertainties.
For more stock market insights, check out the StockGro blog.
