At noon on October 24, the Indian stock market remained flat, with the Sensex down 43 points, or 0.05 percent, to 80,038, while the Nifty was down 28 points, or 0.1 percent, at 24,407. The market was dragged down by Hindustan Unilever (HUL), which fell more than 5 percent after posting weaker-than-expected quarterly results. HUL’s performance weighed heavily on the FMCG sector, which fell 2 percent, further dragging the market into the negative territory.
Despite the downtrend, financial stocks offered some respite. The Nifty Bank index rose 0.7 percent, driven by gains in major players like HDFC Bank and SBI, which helped offset losses. UltraTech Cement and Grasim also led cement gains, lending some stability to the indices.
The broader market showed a mixed trend, with the BSE Midcap up 0.2 percent while the BSE Smallcap remained flat. However, the overall market mood remained cautious, with shares falling (1,712) rather than rising (1,528), and 99 stocks remaining unchanged at 11:30 am.
The Nifty has already shed nearly 2 percent in the past three sessions, and is now down 7 percent from its record high on September 27. The decline has been driven primarily by flat exports and weaker-than-expected corporate profits. Foreign institutional investors (FIIs) were the biggest sellers for 18 consecutive sessions, shifting their focus to Chinese markets, which are more attractive due to stimulus measures and lower valuations.
In the industrial space, Hindalco led the decline in the steel sector, falling nearly 4 percent as demand concerns weighed on the stock. On the other hand, stocks like UltraTech Cement, HDFC Bank, and Tata Motors helped par the broader market’s losses.
Looking ahead, analysts remain cautious, citing FII outflows and sluggish earnings as major headwinds in the Indian market. Despite short-term gains in select funds and cement stocks, the broader sentiment is likely to remain under pressure until corporate earnings improve or FII selling slows.
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