Share Market Today: India’s stock market kicked off the festive season on a dull note, with the Sensex and Nifty50 indices posting losses on Tuesday, October 29, 2024. The Sensex dropped sharply by 445.39 points, reaching 79,559.65 in Tuesday’s early session. Nifty50 also slipped to 24,192.10 levels.
According to NSDL data, foreign investors have pulled out a significant Rs 88,818 crore from Indian equities this month, as of October 28.
The early session witnessed declines in shares of Bharti Airtel, Mahindra & Mahindra (M&M), Sunpharma, Tata Motors, Maruti Suzuki, Kotak Mahindra Bank etc on the Sensex. NTPC, ICICI Bank, L&T, SBI, Nestle India etc. emerged as the gainers.
Share Market Today: Stocks In Focus
According to BSE data, here’s a snapshot of major stock performance in early trading.
TCS (Tata Consultancy Services) – Trading in red.
Tata Steel – Trading in red.
Tata Motors – Trading in red.
Reliance Industries (RIL) – Trading in red.
JSW Steel – Trading in red.
HCL Technologies – Trading in red.
Tech Mahindra – Trading in green.
Adani Ports – Trading in red.
ITC – Trading in red.
HDFC Bank – Trading in green.
(Note: This is the data from early trade on BSE, and it might change with time.)
Global Cues
The market is influenced by three key factors: rising geopolitical tensions, uncertainty surrounding the 2024 US presidential election, and sustained foreign investor sell-off. Market sentiment is also influenced by the intensifying Middle East crisis, sparked by Israel’s weekend airstrikes on Iranian military targets.
Israel’s military action was a direct response to Iran’s move on October 1, launching nearly 200 missiles into Israeli territory, which significantly heightened tensions between the two nations. Notably, oil prices are taking a surprising dive since Israel’s retaliation against Iran carefully avoided targeting Tehran’s oil and nuclear infrastructure.
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