- Sensex ended at 81,820.12, down 152.93 points; Nifty at 25,057.35, down 70.60 points.
- Mixed sector performance; realty and FMCG gained while metals and autos declined.
- Broader indices outperformed benchmarks, with small-cap index gaining over 1%.
On October 15, 2024, Indian stock markets faced a downward trend, primarily influenced by global economic uncertainties and the ongoing conflict in West Asia.
The benchmark indices saw early gains but struggled to maintain momentum, with the Sensex closing at 81,820.12 and the Nifty at 25,057.35.
Market Analysis: Insights from Indian Equities on October 15, 2024
Sector performance displayed a mixed bag, with the realty and FMCG sectors managing to close in the green. In contrast, the metals and auto sectors experienced notable losses. Notably, oil marketing companies rallied in response to lower crude prices, while broader market indices like the small-cap index outperformed the benchmarks, gaining over 1% during the trading session.
Sector-wise, the trading session revealed mixed results, with the realty and FMCG sectors demonstrating resilience and closing positively. Conversely, the metals and auto sectors faced significant pressure, reflecting broader concerns regarding economic stability and demand. Notably, oil marketing companies benefited from a sharp decline in crude prices, boosting their stocks by 2-4%, while the broader market indices outperformed the main benchmarks.
The currency market also saw some action, with the Indian rupee closing slightly higher at 84.04 against the US dollar, supported by lower crude prices and potential Reserve Bank of India interventions. Despite a backdrop of foreign fund outflows and negative trends in domestic equities, the rupee maintained its ground, indicating some stability amid market fluctuations.
In terms of upcoming market activities, the Hyundai Motor India IPO reported a subscription rate of just 0.17 times by mid-afternoon, signaling lukewarm investor interest as it approaches its closing date on October 17, 2024. Meanwhile, gold prices reached new highs, driven by festive demand, indicating a potentially bullish outlook for this sector as consumers gear up for the Dhanteras and Diwali celebrations.
In summary, the Indian stock market faced downward pressure on October 15, 2024, primarily due to global uncertainties and sector-specific challenges. However, there were signs of resilience in broader indices and certain sectors, indicating a mixed yet cautiously optimistic outlook.
“Markets continue to remain volatile as key indices ended in the red after Monday’s upsurge, as fear of global economic uncertainty continues to weigh amid the ongoing West Asia conflict…” — Prashanth Tapse
