Stock markets face third day of selling pressure; Nifty 50 and Sensex open lower, experts cite global factors
Oct 23, 2024
New Delhi [India], October 23 : The selling pressure continues in the Indian markets on Wednesday for the third consecutive day this week as the bears continuously pull the indices down.
The Nifty 50 index opened at 24,378.15, down by 93.95 points or 0.38 per cent, while the BSE Sensex index lost 299 points to open at 79,921.13, down by 0.37 per cent.
However, experts noted that the long-term outlook for Indian stocks is positive, but the current selling in the markets is due to global events that cannot be controlled.
"India represents the biggest opportunity to deliver growth, at massive scale in the world, for the next two decades. That creates great value for investors into Indian stock markets for years to come. So, keep investing regularly and focus on your own financial goals. We can't control global events, though we know the extreme market reactions that follow. Given that recoveries are also very sharp and concentrated into a few days, the bigger risk is that of being out of the markets" said Ajay Bagga, Banking and Market Expert.
In the sectoral indices, Nifty Auto, Nifty Pharma, and Nifty Realty faced selling pressure and declined marginally, while other sectoral indices opened with gains. Nifty IT emerged as the leader in gains, with a surge of 0.8 per cent during the opening session.
Bajaj Finance and Bajaj Finserv emerged as the top gainers in the Nifty 50 list, while Mahindra & Mahindra and Shriram Finance opened as the top losers in Nifty 50 on the National Stock Exchange.
In the quarterly announcements today, Hindustan Unilever, Pidilite Industries, Bajaj Finserv, TVS Motors, Bajaj Holdings, and SBI Life Insurance are some of the major companies set to announce their financial results for the second quarter of FY25.
In other Asian markets, Japan's Nikkei 225 was down by 0.29 per cent, while Hong Kong's Hang Seng surged more than 1.45 per cent. Taiwan's Taiwan Weighted was down by 0.55 per cent, and South Korea's KOSPI index was up by 0.8 per cent.
