The Indian stock market experienced a volatile session on October 4, 2024. Despite a weak start, the BSE Sensex recovered some of its losses, closing 300 points higher at 82,797.
But at around 1:35 PM, the senses lost momentum and slipped to 81911, losing 585 points.
Gainers
Several stocks stood out as top gainers, contributing to the market’s recovery:
Infosys led the charge with a 2.5% increase, driven by strong quarterly results and positive future guidance. Another IT heavyweight, Tech Mahindra, saw a 2.2% rise, buoyed by new contract wins and robust performance in its digital services segment.
The pharmaceutical major Sun Pharma gained 1.8%, supported by strong sales growth in its domestic and international markets. Wipro’s shares climbed 1.6% following the announcement of a strategic partnership with a leading global tech firm.
Losers
On the flip side, several stocks faced significant declines, dragging the indices down:
The financial services company Bajaj Finance dropped 3.5%, impacted by concerns over rising interest rates and potential defaults. Shares of M&M fell by 3.2% as the company reported lower-than-expected sales figures for the previous quarter.
The FMCG giant Nestle saw a 2.8% decline, attributed to rising input costs and supply chain disruptions. Asian Paints: Asian Paints’ stock decreased by 2.5% due to weaker demand in the housing sector and increased competition.
Overall, market sentiment remained bearish, influenced by global factors such as escalating tensions in the Middle East and fluctuating crude oil prices.
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