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Reading: Indian markets recover from intraday lows, supported by strong performance in metal and banking sectors.
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Gulf Press > Business > Indian markets recover from intraday lows, supported by strong performance in metal and banking sectors.
Business

Indian markets recover from intraday lows, supported by strong performance in metal and banking sectors.

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Last updated: 2024/10/18 at 4:14 PM
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The stock market in Mumbai closed on Friday in the green, with the Nifty 50 closing at 24,854.05, up 104 points or 0.42 per cent, and the Sensex BSE at 81,224.75, up 218.14 points or 0.27 per cent. During the trading day on the National Stock Exchange (NSE), all sectors except FMCG, IT, oil, and gas traded in the green. IT sectoral stocks were the top losers during the trading hours. The Nifty Private Bank index advanced, while both the Nifty Metal and Nifty Bank indices were up. The market bounced back from an oversold level driven by selective buying in financials, auto, and metals stocks, with positive initial results from private banks building expectations of optimistic upcoming financial results.

Vinod Nair, Head of Research at Geojit Financial Services, stated that metals performed well due to slightly better-than-expected growth in China’s Q3 GDP, with consecutive rate cuts by the ECB supporting rate sensitive stocks. Data showed that Foreign Institutional Investors (FIIs) had been continuous sellers over October, with selling pressure absorbed by Domestic Institutional Investors (DIIs). The Hyundai IPO received a tepid response, with the stocks of Axis Bank, Wipro, Eicher Motors, ICICI Bank, and Shriram Finance being the top gainers, and Infosys, Asian Paints, Britannia, Nestle India, and Tech Mahindra being the top losers in the market.

Despite the record selling by foreign investors throughout the month, experts expect the situation to improve in the coming weeks and anticipate a sharp recovery. In the Nifty 50 list, 17 stocks declined while 33 stocks advanced during the trading day. Moving forward, it is crucial to monitor market trends, especially with upcoming financial results and global economic developments influencing stock performances. It is expected that positive results from private banks and improved growth in certain sectors will continue to drive market momentum and opportunities for investors.

Overall, a diverse range of factors such as global economic indicators, government policies, corporate earnings, and investor sentiment contribute to the fluctuations and trends observed in the stock market. It is essential for investors to stay informed, conduct thorough research, and seek guidance from financial experts to make sound investment decisions. With careful analysis and strategic planning, investors can capitalize on market opportunities, manage risks effectively, and work towards achieving their financial goals in the dynamic and ever-evolving stock market environment.

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News Room October 18, 2024
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