Top Gainers and Top Losers in the Stock Market on 04 October 2024

Market Analysis of Top Gainers and Losers on 4 October 2024: On October 4, 2024, the Indian stock markets remained under intense selling pressure, closing in the red for the fifth consecutive session. Escalating geopolitical tensions in the Middle East heightened fears of potential crude supply disruptions, further pushing oil prices higher, which significantly impacted Indian markets, a net importer of crude oil. The Sensex closed down by 808 points (1%) at 81,688.45, while the Nifty 50 ended lower by 235.50 points (0.93%) to close at 25,014.60. All sectoral indices, except IT, were in the red, with FMCG, Banking, and Auto stocks suffering the most. Despite widespread losses, IT stocks provided a glimmer of hope amidst the market turmoil, with the Nifty IT index rising by 0.36%. In contrast, the Nifty FMCG index saw a sharp drop of 1.67%, while the Nifty Auto index declined by 1.43%. Midcap and smallcap indices also followed the downward trend, with the BSE Midcap falling by 0.94% and the BSE Smallcap declining by 0.80%.

3 min read | Updated on October 04, 2024, 15:45 IST (Source BSE & NSE)

Key Highlights of Today’s Stock Market Movements: 

• Sensex down by 808 points at 81,688.45 (-1%).
• Nifty 50 ended lower by 235.50 points at 25,014.60 (-0.93%).
• Nifty FMCG, Auto, and Banking stocks were the worst performers.
• Midcap and Smallcap indices fell by 0.94% and 0.80%, respectively.
• The India VIX fear gauge surged by over 7% to 14, indicating elevated market volatility.

Nifty, Sensex, and Market Trends Analysis

The Indian stock market continued to experience significant downward pressure as geopolitical tensions in the Middle East raised concerns over the stability of crude oil supplies. The Nifty 50 index closed below key support levels, signaling ongoing bearish sentiment. Market experts predict continued volatility, with the Nifty’s support level now seen at 25,000, and a potential downside if this level fails to hold. Resistance is expected near the 25,500-25,600 range, but any recovery may face selling pressure at higher levels.

The surge in crude oil prices—driven by escalating tensions between Israel and Iran—has been a significant factor behind the market's decline. Brent crude futures have risen over 9% in October, with prices now hovering above $78 per barrel, creating additional concerns for India, a major importer of oil.

Top Gainers and Top Losers in the Stock Market Today:

Despite the broad market decline, Nifty 50 top gainers list, few stocks such as ONGC, HDFC Life managed to buck the trend. Nifty IT stocks such as Infosys and Tech Mahindra gained by 1.5% and 0.7%, respectively, driven by optimism ahead of the upcoming earnings season. 

Nifty 50 top losers of M&M, Bajaj Finance, Nestle, the BPCL, ICICI Bank, and HDFC Bank led the losses in their respective sectors, with BPCL dropping 4%, impacted by concerns over rising crude prices.

Market Momentum Over Time

The broader market remains fragile, with most sectors experiencing selling pressure. The banking and FMCG sectors were particularly hard-hit, with major stocks such as ICICI Bank, HDFC Bank, ITC, and HUL all contributing to the decline. On the positive side, the IT sector showed resilience as stocks like Infosys and Tech Mahindra posted gains amidst the ongoing market volatility.

The small- and mid-cap indices also fell, continuing their downward trend as investors remain cautious in the face of global uncertainties. The India VIX, a key measure of market volatility, spiked over 7% to 14, reflecting heightened market anxiety.

Major Market Drivers and Key Movers Explained

Several key factors contributed to today’s market performance. Rising geopolitical tensions in the Middle East, coupled with surging crude prices, remain a central concern for the Indian market. The potential for supply disruptions from the top oil-producing region has pushed oil prices higher, creating further pressure on oil-importing countries like India.

Additionally, Foreign Institutional Investors (FIIs) have been pulling out funds from Indian markets, moving towards cheaper markets like China, which has recently implemented stimulus measures. In the past three days alone, FIIs have sold over ₹30,614 crores in the cash market. Meanwhile, China has seen inflows worth over $13 billion, compared to India’s $107 million during the same period.

Intraday Stock Market Dynamics and Key Trading Levels

Both the Sensex and Nifty followed a downward trajectory throughout the session, with key support levels being tested. The Nifty closed just above the crucial 25,000 mark, with market experts warning of further downside if this level is breached. On the upside, resistance is expected near the 25,500-25,600 range, but any recovery may face strong selling pressure at higher levels.

Key Takeaways from Today’s Stock Market

• The Indian stock market witnessed its fifth consecutive day of losses, driven by geopolitical tensions, rising crude prices, and FII outflows.
• All sectoral indices, except IT, ended in the red, with FMCG, Auto, and Banking stocks leading the declines.
• Geopolitical tensions and rising crude prices continue to weigh on investor sentiment, with concerns over supply disruptions from the Middle East.
• The India VIX fear gauge spiked by over 7% to 14, indicating elevated market volatility.
• Investors are closely watching for upcoming U.S. economic data, particularly the non-farm payrolls report, which could influence market direction.
   

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