Sensex drops 43 points as HUL tumbles 5 percent; financials, cement stocks cushion losses

By midday connected October 24, the Indian banal marketplace remained flat, with the Sensex slipping 43 points, oregon 0.05 per cent, to 80,038, portion the Nifty was down 28 points, oregon 0.1 per cent, astatine 24,407. The marketplace was mostly dragged by Hindustan Unilever (HUL), which plummeted implicit 5 per cent aft posting weaker-than-expected quarterly results. HUL’s show weighed heavy connected the FMCG sector, which fell implicit 2 per cent, further dragging the broader marketplace into antagonistic territory.
 

Despite the downtrend, fiscal stocks offered immoderate respite. Nifty Bank scale roseate 0.7 per cent, driven by gains successful large players similar HDFC Bank and SBI, helping to counterbalance the losses. UltraTech Cement and Grasim besides led the gains successful the cement sector, lending immoderate stableness to the indices.
 

The broader marketplace displayed a mixed trend, with the BSE Midcap edging up 0.2 per cent portion the BSE Smallcap stayed flat. However, the wide marketplace sentiment remained cautious, with much shares declining (1,712) than advancing (1,528), and 99 stocks remaining unchanged by 11:30 am.
 

Nifty has already shed astir 2 per cent successful the past 3 sessions, and it is present down 7 per cent from its grounds precocious connected September 27. This diminution has been chiefly driven by accordant overseas selling and weaker-than-expected firm earnings. Foreign organization investors (FIIs) person been nett sellers for 18 consecutive sessions, shifting their absorption to Chinese markets, which person go much charismatic owed to stimulus measures and little valuations.
 

Hindalco led the diminution successful the metals sector, falling astir 4 per cent arsenic request concerns weighed connected the stock. On the different hand, stocks similar UltraTech Cement, HDFC Bank, and Tata Motors helped bounds the broader market’s losses.
 

Looking forward, analysts stay cautious, citing FII outflows and sluggish net arsenic large headwinds for the Indian market. Despite short-term gains successful prime financials and cement stocks, the broader sentiment is apt to stay nether unit until firm net amended oregon FII selling eases.