Breaking: Sensex Dips 250 Points Amidst Market Tension; Trent Soars 2% with Noel Tata’s Leadership at Tata Trusts
Stock Market Update: October 11, 2024
Indian benchmark indices BSE Sensex and Nifty 50 fell on Friday, mirroring Wall Street’s overnight decline. By 2 PM, the Sensex dropped 197.17 points (0.24%) to 81,414.24, while the Nifty 50 decreased by 24.60 points (0.1%) to 24,973.85. Within the BSE Sensex, TCS led the decliners with a 2.29% fall, along with Mahindra & Mahindra, Axis Bank, ICICI Bank, and Power Grid Corp. Conversely, Tech Mahindra gained 1.36%, alongside HCLTech, Sun Pharma, Larsen & Toubro, and Hindustan Unilever.
For Nifty 50, Trent surged 2.96%, surpassing Tech Mahindra, HCLTech, and ONGC in gains, while TCS again led the losers with a 2.26% drop, followed by Mahindra & Mahindra, Cipla, ICICI Bank, and Adani Enterprises. Sectoral performance saw Realty, Nifty Bank, and Financial Services indices decline by about 0.7%. Nifty Auto fell 0.41%, while Nifty Pharma rose by 1.10%, with Metal and Healthcare also showing positive movement.
Globally, stocks traded sideways ahead of a significant fiscal stimulus announcement from Beijing expected over the weekend. European markets held steady, while U.S. futures were flat. MSCI’s Asia-Pacific index fell after weeks of gains amid easing fears of a U.S. recession following the Federal Reserve’s first rate cut cycle, which cut borrowing costs by 50 basis points.
U.S. core consumer prices rose 0.3% in September, potentially indicating that the Fed’s monetary relief might have been too aggressive. The market anticipates an 80% chance of a 25 basis point rate cut on November 7, following rising jobless claims and hurricane impacts. Meanwhile, Brent crude dropped 1.2% to $78.45 a barrel, while gold increased to $2,644.69 an ounce.
Original Story https://www.business-standard.com/markets/news/stock-market-live-updates-nse-bse-sensex-nifty-today-oct-11-tcs-q2-results-ipo-news-124101100072_1.html
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