The Sensex plunged over 1,200 points (1.4%), closing at 84,363, while the Nifty slumped by 357 points to settle at 25,821.
The broader markets did not escape unscathed either. While the BSE Smallcap Index managed to remain flat, the Midcap Index lost half a percent. Volatility spiked sharply, with India VIX jumping by 9%, reflecting rising investor anxiety.
Impact on the stock market
The pain in the market was widespread, with 12 out of 13 sectoral indices ending the day in the red. The banking sector, which is typically sensitive to global factors, was among the hardest hit. Auto stocks also took a major hit, with Nifty Auto sliding over 2%.
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| Sector/Index | Performance |
| IT & BPM sector | -0.87% |
| Healthcare sector | -0.88% |
| Oil & Gas sector | -0.71% |
| Real estate sector | -1.68% |
| PSU Bank in India | -1.42% |
Top gainers today
| Company | Price | Change % |
| JSW Steel share price | 1,030.05 | 2.85 |
| NTPC share price | 443.2 | 1.44 |
| Hindalco share price | 756.2 | 1.21 |
| Tata Steel share price | 168.55 | 1.2 |
| Britannia share price | 6,338.15 | 1.11 |
Top losers today
| Company | Price | Change % |
| Hero Motocorp share price | 5,712.40 | -4.11 |
| Trent share price | 7,574.65 | -3.31 |
| Reliance share price | 2,953.15 | -3.25 |
| Axis Bank share price | 1,232.20 | -3.22 |
| Bharat Elec share price | 285.1 | -2.85 |
Market aftermath: Impact on stocks
JM Financial Hits a 52-Week High
JM Financial had a stellar day. Its shares surged to a new 52-week high after its subsidiary, JM Financial Products, approved the sale of its MSME loan portfolio worth ₹1,000 crore. The company’s stock closed at ₹149.97 per share, up by 5% from the previous session.
This move adds to the company’s impressive growth trajectory over the past year, with JM Financial’s stock jumping almost 80%, outperforming the Nifty 50 index. Investors remain optimistic about its long-term prospects, particularly in the financial services space.
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Avantel Stock Jumps on Order Win
Avantel, a small-cap defence electronics manufacturer. The company’s stock surged by 12% today after it secured a ₹44.49 crore order from infrastructure giant Larsen & Toubro (L&T) for the supply of satcom systems.
Avantel’s satcom radios are crucial for communication between ships, aircraft, and bases, and this order is expected to be fulfilled by March 2025. With the stock already up 105% over the past year, today’s gains only further underline the company’s robust growth potential.
Avantel’s shares were trading at ₹183.8, up by 7.13% from the previous session, with over 34 lakh shares exchanged compared to its one-month average volume of 8.2 lakhs.
Aurobindo Pharma Falls After USFDA Concerns
Aurobindo Pharma saw its stock tumble by 4.5% after the US Food and Drug Administration (USFDA) flagged 10 observations during an inspection of its Telangana API (Active Pharmaceutical Ingredient) manufacturing unit.
This inspection, conducted between September 23 and 27, put additional pressure on Aurobindo Pharma, which has already lost over 6% of its value this month. The company has assured investors that it will address the USFDA’s concerns in a timely manner, but the stock was still trading at ₹1,472.75 by 2:18 PM, down significantly.
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Crude Oil
Crude oil prices rose today due to escalating geopolitical tensions in West Asia. Reports emerged of increased Israeli attacks on Houthi targets in Yemen, sparking fears of supply disruptions in the global oil market.
Brent crude oil futures were trading at $71.83 per barrel, up 0.41%, while WTI (West Texas Intermediate) crude futures were up 0.47%, trading at $68.50 per barrel. On the Indian front, crude oil futures on the Multi Commodity Exchange (MCX) also climbed, with October contracts rising by 1.04% to ₹5,753 per barrel.
Despite the price increase, crude oil markets continue to face pressure due to plans from Saudi Arabia and OPEC+ to increase oil production. OPEC+ is expected to raise production output by 180,000 barrels per day in December, which could potentially cap the rise in crude oil prices.
Conclusion
The Indian stock market had a turbulent day, with the Sensex and Nifty plunging due to a mix of global tensions, profit-booking, and weak domestic demand across key sectors like financial services, energy, and auto. While the broader market also saw declines, some stocks like JM Financial and Avantel managed to post gains thanks to specific growth triggers.
Looking ahead, investors should brace for continued volatility as geopolitical tensions in West Asia and key upcoming events, such as the Federal Reserve Chair’s speech, will likely influence market sentiment in the coming days.
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