The Indian market experienced its fourth consecutive session of losses, with the Sensex ending the day down by 1,769.2 points, or 2.1%, at 82,497.10, and the Nifty 50 slipping 529.90 points, or 2.05%, to close at 25,267.00.
Fear gauges also soared, with the India VIX rising over 14%, signaling heightened market volatility.
Impact on the stock market
All 16 sectoral indices ended the day deep in the red, reflecting the broad-based sell-off. Here’s a breakdown of the sectors and their performances:
- Nifty Realty: The biggest laggard of the day, down by 4.5%.
- Nifty Auto, Bank Nifty, Oil & Gas: All witnessed declines between 2% and 3%.
- BSE Midcap and Smallcap indices: These also saw sharp drops, each falling 2%.
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| Sector/Index | Performance |
| IT & BPM sector | -1.58% |
| Healthcare sector | -0.88% |
| Oil & Gas sector | -2.72% |
| Real estate sector | -4.36% |
| PSU Bank in India | -1.24% |
Top gainers today
| Company | Price | Change % |
| JSW Steel Share Price | 1,039.10 | 1.15 |
| ONGC Share Price | 292.05 | 0.03 |
Top losers today
| Company | Price | Change % |
| BPCL Share Price | 348.85 | -5.27 |
| Shriram Finance Share Price | 3,409.50 | -4.51 |
| Larsen Share Price | 3,497.65 | -4.27 |
| Axis Bank Share Price | 1,175.70 | -4.15 |
| Tata Motors Share Price | 925.70 | -4.09 |
Market aftermath: Impact on stocks
HDFC Securities faces technical glitch
HDFC Securities faced technical issues that prevented many users from placing orders. The timing couldn’t have been worse, as investors were already panicking over the market downturn.
HDFC Securities quickly addressed the issue, stating that they were working with TCS to resolve the problem. However, many investors vented their frustration on social media platforms like X (formerly Twitter), adding another layer of concern.
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Marico Climbs 4% on Stable Q2 Performance
Marico was a rare bright spot, rising 4% and hitting a record high of ₹719.80 in early trading. The stock ended the day slightly lower but still posted a 1% gain to close at ₹698.55.
Marico benefited from stable volume growth and strong performance in rural areas, where demand continues to rise. Investors also found confidence in the company’s Q2FY25 updates, which showed double-digit revenue growth expectations for the year.
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Garuda Construction and Engineering IPO
While the stock market saw a sharp decline, IPO activity remained strong. Garuda Construction and Engineering Limited announced the opening of its IPO on October 8, 2024, with a price band of ₹92 to ₹95 per share.
The company, which focuses on residential, commercial, and infrastructure projects, is raising approximately ₹264 crore through a combination of fresh issues and offers for sale. Investors looking for opportunities in the infrastructure space will be keeping a close eye on this.
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Crude Oil
Crude oil prices surged today as fears of supply disruptions loomed large over the market due to escalating geopolitical tensions in West Asia. On October 3, December Brent oil futures were up 1.15% at $74.75, while November WTI futures rose 1.31% to $71.02. On the Multi Commodity Exchange (MCX), crude oil futures traded at ₹5,972, up 0.62%.
The possibility of Israel targeting Iranian oil facilities sent shockwaves through the global energy markets, and given that India is a major oil importer, any significant spike in oil prices could further damage its economy. The Indian market is especially sensitive to rising crude prices, as it affects inflation and the fiscal deficit.
Conclusion
Today was a tough day for the Indian stock market, with the Sensex and Nifty suffering significant losses. Several factors, including geopolitical tensions, rising crude oil prices, and a lack of positive domestic triggers, contributed to the sell-off. While some stocks, such as Marico and Britannia, showed resilience, the broader market was left reeling, with major sectors like Realty and Auto taking the brunt of the losses.
As investors look ahead, the market will likely remain on edge as global tensions unfold. For now, cautious optimism and defensive stock picks may be the way to weather this storm.
For more stock market insights, check out the StockGro blog.
