Mumbai: The Indian stock markets were trading in the deep red on Friday due to weak sentiment in the market amid huge selling by FIIs.
The Sensex was trading at 79,298.47 after falling 766.69 points, or 0.96 per cent, in mid-session. At the same time, NSE’s Nifty was down to 24,129.40 after falling 270 points or 1.11 per cent. The Nifty Bank was trading at 50,588 after falling 943.10 points or 1.83 per cent. Apart from this, the Nifty Midcap 100 index was trading at 55,324.80 after a major fall of 1,024.95 points or 1.82 per cent. The Nifty Smallcap 100 index fell 382.50 points, or 2.10 per cent, to 17,866.65.
The market trend remained negative.
As many as 302 stocks were trading in green on the NSE during the day, while 2,187 stocks were trading in red. Nifty’s auto, IT, PSU bank, metal, realty, media, and infra sectors were witnessing heavy pressure. However, the pharma and FMCG sectors bucked the trend to trade in the green.
IndusInd Bank remains the top loser in the Nifty 50. Its shares fell 18.54 per cent to Rs 1,042.70 on Friday. The lender had reported a 39 per cent year-on-year decline in net profit for the quarter ended September 2024.
Apart from this, shares of Mahindra & Mahindra, NTPC, Shri Ram Finance, and BPCL have also seen a huge decline.
Buying was seen in the auto, IT Fin Services and PSU bank sectors in early trade.
The BSE Sensex began trading at 80,139.30 after gaining 74.14 points or 0.09 per cent. At the same time, the NSE Nifty opened trading at 24,418.05 after climbing 18.65 points or 0.08 per cent.
According to market experts, with the massive, sustained and unprecedented selling by the FIIs, which has touched Rs 98,085 crore this month up to October 24, the “buy on dips strategy is not working”. They said the consensus downward revision in the FY25 earnings estimate and the weak Q2 numbers have soured the sentiments to a slightly bearish mode.
–IANS