Stocks Dip as Market Fails to Maintain Momentum on April 30, 2024
Stock Market

Stocks Dip as Market Fails to Maintain Momentum on April 30, 2024

Nifty       -22,604 [-38.55] -0.17
Sensex  -74,482 [-188.50] -0.25

Reasons for Market Downturn

  • The market saw more selling towards the end as investors took profits, influenced by a negative global outlook, causing major indices to fall.

  • Selling pressure grew especially in sectors like IT, metal, media, and oil & gas, wiping out earlier gains and bringing down the overall market.

Top 3 Stocks That Lost The Most 

Sensex

Tech Mahindra -1.80 

HCL Tech -0.95

Tata Steel -0.93

Nifty

Tech Mahindra -1.93 

BPCL -1.85 

JSW Steel -1.51 

  • Tech Mahindra's stock fell today primarily due to revenue pressure arising from client accounts in FY24. 

  • HCL Technologies shares declined today due to disappointment over its recent quarterly net profit.

  • Tata Steel's stock declined today due to increased selling pressure. 

  • BPCL's stock price declined today may be due to market factors such as industry news, or company-specific developments influencing investor sentiment.

  • JSW Steel faced a decline today due to less demand for its products and higher production costs.

Sectors of the Day 

Nifty IT  - 1.13

Nifty Media -1.02

Nifty Metal -1.00

IPO Performance 

  • Emmforce Autotechs' share price lists today with impressive gains of 90% at ₹186 each on the BSE SME

  • JNK Indias' share price lists today with impressive gains of 49.63% at ₹621 each on NSE 

  • Shivam Chemicals' share price lists today with impressive gains of 9% at ₹48 each on the BSE SME

Key Events To Track For 2nd May 2024 

  • Keep an eye on changes in crude oil prices, as India's net oil import bill could touch $101-104 billion in FY25 due to ongoing low discounts on purchases of Russian crude, potentially impacting market sentiment.

  • Look for earnings reports from major companies, which can provide insights into the health of various sectors and overall market direction.

  • Keep an eye out for releases of important economic data, such as employment reports, GDP figures, and manufacturing data from major economies, as they can impact market sentiment and drive trading activity.

  • Monitor any announcements or policy decisions from central banks or governments regarding fiscal or monetary policies, as they can have significant implications for financial markets.

  • Monitor any significant updates on global political tensions or conflicts, as they could impact market sentiment and investor confidence.

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