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SENSEX, NIFTY Drop Over 2% as Middle East Conflict Escalates; BPCL and Shriram Finance Among Top Losers

On October 3, 2024, the Sensex and Nifty closed sharply lower, reflecting a significant downturn in the market due to mixed global signals. Major contributors to this decline were BPCL, Shriram Finance, and Larsen.
SENSEX, NIFTY Drop Over 2% as Middle East Conflict Escalates; BPCL and Shriram Finance Among Top Losers
  • Nifty         25,250 [-546.80] 2.12
  • Sensex    82,497 [-1,769.19] 2.10

Stock Market Today: On October 3, 2024, the Sensex closed at 82,497, down 2.10%, while the Nifty ended at 25,250, losing 2.12% due to escalating geopolitical tensions in the Middle East. 

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Reasons for Market Downturn

  • Rising tensions in the Middle East, especially after Iran’s missile attacks on Israel, have raised fears of a larger conflict. This uncertainty has caused investors to sell off stocks.
  • SEBI has introduced stricter rules for trading in equity derivatives, making it more expensive and limiting the options available for trading.
  • Market participants believe that the above changes could reduce new movements in trading, creating a more challenging environment.
  • With crude oil prices going up due to concerns over potential supply problems in the Middle East, the market reacted negatively.

Top Losers Today

Nifty 

BPCL:  – 5.00

Shriram Finance:  – 4.42

LT:  – 4.05

Sensex

Larsen:  –  4.18

Axis Bank:  – 4.12

Tata Motors:  – 4.08

Sectors of the Day 

Nifty Realty:  – 4.36

Nifty Auto:  – 2.88

Nifty Oil & Gas:  – 2.72

  • BPCL shares fell today due to a spike in crude oil prices amid rising geopolitical tensions in the Middle East.

Also Read:  Reliance Power Shares Surge on Bhutan Projects

IPO Performance

  • Paramount Dye Tec Limited IPO’s allotment is scheduled for October 04, 2024.
  • Subam Papers Limited IPO’s allotment is scheduled for October 04, 2024.
  • NeoPolitan Pizza and Foods Limited IPO’s allotment is scheduled for October 04, 2024.

Key Events to Track For 4th October 2024 

  • Monitor international markets for any significant developments or trends that could impact Indian markets. 
  • Keep an eye on scheduled economic data releases such as GDP figures, industrial production data, or inflation reports, as they can influence market sentiment and direction. 
  • Track earnings announcements from major companies across sectors, to gauge the health of the corporate sector and anticipate market reactions. 
  • Stay informed about any policy announcements or decisions by the Indian government, as they can impact market sentiment and specific industries. 
  • Stay updated on global events as they can affect Indian markets and investor sentiment.
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