Stock Market Dips on HDFC, M&M Slide While Midcap, Smallcap Indices Hit New Highs

Today, the Indian stock market opened lower, led by declines in HDFC Bank and M&M, while Nifty Midcap 100 and Smallcap 100 indices hit record highs.
Stock Market Dips on HDFC, M&M Slide While Midcap, Smallcap Indices Hit New Highs

On Friday, the Indian stock market opened lower, with the SENSEX and NIFTY50 both experiencing declines, led downward by HDFC Bank and M&M. Despite the downturn in these indices, broader market indices like the Nifty Midcap 100 and Smallcap 100 reached record highs early in the session.

The Nifty Pharma index was a standout performer, contrasting sharply with the Nifty Financial Services, which lagged behind as the session’s biggest loser. This divergence highlighted varying sectoral dynamics in the early trading hours.

By 10:15 AM, the SENSEX had fallen by 0.39% to below 79,700, while the NIFTY50 dropped by 0.25% to under 24,300. The Bank Nifty also saw a significant decrease, trading down by 1.2% below 52,500.

In broader markets, the Nifty Midcap 100 edged up by 0.1%, setting a new record, whereas the Nifty Smallcap 100 advanced by 0.34% to reach an all-time high. These gains suggest resilience in smaller cap stocks amidst broader market volatility.

Sector-wise, while the Nifty Pharma, Energy, and FMCG sectors saw gains, the Financial Services, Bank, and Realty sectors faced declines. Notably, Cipla, Divi’s Labs, and Bajaj Auto led the gainers, whereas HDFC Bank, M&M, and Tata Steel were among the top losers.

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