The Sensex was down 167 points (0.2%) at 81,467, while the Nifty managed to stay slightly positive, gaining 5.8 points (0.02%) to close at 25,019. While the market started off strong, lifted by the Reserve Bank of India’s (RBI) decision to hold interest rates steady and shift its stance to ‘neutral,’ heavyweights like RIL and HDFC Bank dragged the indices down by the end of the day.
The broader market, however, outperformed with both BSE Midcap and Smallcap indices rising over 1% each, signaling some positive sentiment among investors.
Impact on the stock market
The market showed a varied sectoral performance today. Here’s a closer look at how different indices fared:
- FMCG and energy stocks struggled, with the Nifty FMCG index dropping over 1%. Notable losers in this sector included ITC, HUL, and Nestle, which all shed between 1% and 2%.
- On the upside, banking, IT, and auto sectors offered some respite. The IT index rose 0.7%, marking its fourth consecutive winning session, supported by positive US labour market data.
- The Nifty Bank index also edged up 0.1%, buoyed by gains in ICICI Bank, SBI, and Axis Bank.
- Auto stocks were another bright spot, with companies like Tata Motors, Maruti Suzuki, and Exide Industries pushing the index up by nearly 1%.
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| Sector/Index | Performance |
| IT & BPM sector | +0.55% |
| Healthcare sector | +1.85% |
| Oil & Gas sector | -0.67% |
| Real estate sector | +2.15% |
| PSU Bank in India | +0.66% |
Top gainers today
| Company | Price | Change % |
| Cipla Share Price | 1,680.50 | +2.43 |
| Trent Share Price | 8,220.85 | +2.22 |
| Tata Motors Share Price | 939.15 | +2.10 |
| SBI Share Price | 797.40 | +2.04 |
| Maruti Suzuki Share Price | 12,760.70 | +1.83 |
Top losers today
| Company | Price | Change % |
| ITC Share Price | 491.70 | -3.20 |
| Nestle Share Price | 2,516.00 | -2.55 |
| HUL Share Price | 2,768.95 | -1.77 |
| Britannia Share Price | 6,097.25 | -1.73 |
| ONGC Share Price | 288.50 | -1.69 |
Market aftermath: Impact on stocks
Afcons Infrastructure IPO details announced
Afcons Infrastructure, a major player in engineering and construction, announced its highly anticipated IPO, valued at ₹7,000 crore. The IPO will include a fresh issue of ₹1,250 crore and an Offer for Sale totaling ₹5,750 crore.
Afcons’ long-standing reputation in infrastructure development and a robust global presence, with 67 active projects across 13 countries, make this offering highly attractive. The company’s legacy of timely execution and strong client relationships position it well for future growth.
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Divi’s Laboratories surges after Citi coverage
Shares of Divi’s Laboratories jumped 7% today after brokerage firm Citi initiated coverage with a ‘buy’ rating and set a target price of Rs 6,400, which represents a 15% upside from the previous close.
Despite being recently replaced by Trent and Bharat Electronics in the Nifty 50, Divi’s Labs saw renewed optimism thanks to strong trading volumes and its favorable growth prospects.
MSTC shares soar after ValueQuest stake acquisition
Shares of state-owned MSTC surged 17% after ValueQuest India Moat Fund acquired a 1.17% stake in the company. MSTC, a Mini Ratna Category-1 CPSE, has made waves with its innovative e-commerce solutions across sectors.
With the Government of India holding a 64.75% share, MSTC’s stock has risen steadily, becoming a key player in digitalizing B2B and G2B transactions. Today’s rally is a reflection of growing investor interest in the company’s prospects.
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Crude oil prices dip amid profit-booking
After a sharp 4% fall in the previous session, crude oil futures rebounded on Wednesday due to ongoing tensions in West Asia. At 9.55 am, Brent oil futures were up 0.36% to $77.46, while WTI futures gained 0.24% to $73.75. However, gains were limited by reports of increasing US crude oil inventories, which grew by 10.9 million barrels for the week ending October 8, far above the market’s expectations of a 1.5 million barrel increase.
Apprehensions remained over potential retaliatory attacks by Israel on Iran’s oil facilities, which could disrupt global supply. This uncertainty continues to push crude oil prices higher despite hopes for de-escalation in the region.
Conclusion
Today’s market session reflected a balance between optimism and caution. While FMCG and energy stocks weighed down the indices, the IT, banking, and auto sectors offered some relief. Investor sentiment remains cautious, with attention now turning to the China fiscal policy briefing later this week.
In terms of stock-specific highlights, Afcons Infrastructure’s IPO, Divi’s Labs surge, and MSTC’s rise following a stake acquisition demonstrate promising opportunities for investors. Meanwhile, crude oil prices continue to be driven by geopolitical factors, making it essential for investors to remain vigilant as market dynamics evolve in the coming days.
For more stock market insights, check out the StockGro blog.
