Stock Market Update: BSE Sensex Tanks 570.45 Points, NSE Nifty Slumps 178.3 Points on October 18, 2024

In a dramatic turn of events, the stock market took a nosedive today as the BSE Sensex plummeted by 570.45 points to 80,436.16 in early trade on October 18, 2024 (Friday). The NSE Nifty also witnessed a significant drop, slumping by 178.3 points to 24,571.55.

The decline in the equity benchmark indices was attributed to foreign fund outflows and selling pressure on Infosys shares following the announcement of its Q2 Results for the fiscal year 2024-25.

Among the 30 Sensex pack laggards were prominent companies like HDFC Bank, Maruti, Nestle, ITC, Titan, Hindustan Unilever, Infosys, and Adani Ports. On the other hand, the blue-chip pack gainers included Bharti Airtel, Tata Consultancy Services, Axis Bank, and Tata Motors.

Foreign Institutional Investors (FIIs) were reported to have sold equities worth Rs 7,421.40 crore on October 17, 2024, with high valuations in India being cited as the main reason for the sustained selling.

While Hong Kong, Shanghai, and Tokyo traded in the green, Seoul witnessed a decline. In the US, stock markets ended on a positive note on Thursday.

Infosys Ltd declared a nearly 5% rise in its net profit in the second quarter, while Axis Bank announced a 19.29% increase in its consolidated net profit to Rs 7,401.26 crore.

The previous day saw the BSE Sensex dropping 494.75 points to close at 81,006.61, with intraday losses of 595.72 points to 80,905.64. The broader Nifty also declined by 221.45 points to 24,749.85.

It is important to note that this article is for informational purposes only and does not provide recommendations for buying or selling shares or subscriptions of any IPO and Mutual Funds.