On October 8, the Indian stock market experienced a notable decline, with the BSE SENSEX dropping 1,045.46 points or 1.44% to close at 71,593.24. The NIFTY50 index also fell by 371.25 points or 1.64%, ending the day at 22,231.80. This decline marked a fresh 52-week low for the NIFTY50 during the trading session.
- The BSE SENSEX fell 1.44%, closing at 71,593.24.
- The NIFTY50 dropped 1.64%, ending at 22,231.80 and hitting a 52-week low.
- Adani Enterprises, JSW Steel, ITC, and Max Healthcare were among the top losers.
- Infosys, Tech Mahindra, and Axis Bank were the leading gainers.
- Foreign institutional investors sold shares worth ₹6,121.37 crore, while domestic investors bought ₹4,596.57 crore.
Why did the Indian stock market fall on October 8?
The market decline was influenced by several factors. Weak global cues, rising US bond yields, and a surge in global crude oil prices above $102 per barrel created pressure on the market. Persistent foreign investment outflows also contributed to the downturn. Experts noted that anticipated interest rate hikes by the Reserve Bank of India (RBI) added to investor concerns, as higher rates can affect long-term economic growth.
Which stocks were the biggest losers on October 8?
Adani Enterprises Ltd (AEL) saw a sharp fall of 5.36%, while JSW Steel dropped 4.46%. ITC Ltd shares declined by 4.03%, influenced by a large block deal worth over ₹9,000 crore. Max Healthcare Institute and InterGlobe Aviation (IndiGo) also experienced losses of 3.81% and 3.55%, respectively.
The block deal in ITC involved a sale of approximately ₹9,400 crore shares. A foreign long-only fund purchased about one-third of the block, with mutual funds like Nippon India, ICICI Prudential, SBI, Kotak, and Aditya Birla Capital acquiring the rest. This transaction was described as a "clean-out trade," indicating the stake sale overhang has been cleared.
Which stocks gained on October 8?
Despite the overall market decline, some stocks posted gains. Infosys rose by 0.50%, Tech Mahindra increased by 0.34%, and Axis Bank went up by 0.20%. In the midcap segment, LIC Housing Finance led with a 4.19% gain, followed by ICICI Lombard General Insurance Company at 2.14%, Tata Communications at 1.53%, SRF Ltd at 1.02%, and MphasiS at 0.63%.
How did midcap and smallcap stocks perform?
The NSE Midcap 100 index dropped 2.53%, closing at 57,882.50 points. Key laggards included Jubilant Foodworks, which fell 7.16%, Tube Investments of India (-6.16%), One 97 Communications (Paytm) (-5.23%), Motilal Oswal Financial Services (-5.02%), and Suzlon Energy (-4.98%).
Paytm shares declined amid reports that traders and industry groups requested a delay in the Merchant Discount Rate (MDR) rollout from October 15 to January 2027. Although these requests were reportedly made to the Finance Ministry and NPCI, no official confirmation was available. Additionally, a Goldman Sachs report highlighted potential positive factors for Paytm's outlook.
The NIFTY Smallcap 100 index also fell by 2.34%, closing at 19,050.10. Top losers included Inox Wind (-6.96%), Wockhardt (-5.88%), Amber Enterprises (-5.34%), Aegis Logistics (-5.29%), and Chennai Petroleum Corporation (-5.17%). On the upside, Cupid gained 3.72%, IFCI rose 3.22%, PNB Housing Finance increased 1.68%, Firstsource Solutions went up 1.62%, and CreditAccess Grameen advanced 1.48%.
What was the role of foreign and domestic investors?
Foreign institutional investors (FIIs) sold shares worth ₹6,121.37 crore, reflecting their cautious stance amid global uncertainties. In contrast, domestic institutional investors (DIIs) purchased equities worth ₹4,596.57 crore, providing some support to the market during the sell-off.
