Markets Dip at Midday: Nifty and Sensex in Red, Engineering Services Lead Losses
Indian markets are trading in negative territory at midday, with Nifty 50 down 0.36% and Sensex down 0.44%. Engineering Services sector leads losses at -2.75%, while Transport sector gains 1.14%. TCS faces controversy over employee allegations. Yes Bank sees SMBC increase stake to 24.22%. Market sentiment appears bearish overall, with some resilience in transport and energy sectors.
*this image is generated using AI for illustrative purposes only.
Market Overview
As the clock strikes noon, Indian markets are trading in negative territory. The Nifty 50 is currently at 25,078.15, down 91.35 points or 0.36% from its previous close. Similarly, the BSE Sensex stands at 81,739.33, showing a decline of 362.77 points or 0.44%.
Sectoral Performance
Top Losing Sectors
| Sector | Loss |
|---|---|
| Engineering Services | -2.75% |
| Retail | -1.45% |
| Diamond, Gems and Jewellery | -0.63% |
| Beverages | -0.61% |
Top Performing Sectors
| Sector | Gain |
|---|---|
| Transport | +1.14% |
| Transport Services | +0.91% |
| Energy | +0.60% |
| Printing & Stationery | +0.38% |
Buzzing Stocks
TCS: A former employee's allegations of physical assault by HR staff at the Noida office have gone viral, sparking discussions about workplace conduct in the IT sector. TCS has responded, calling the allegations inaccurate.
Godawari Power and Ispat: The company has scheduled an EGM on October 15 to approve the issuance of 2.04 crore warrants worth ₹500 crores at ₹245 per warrant.
Yes Bank: Japan's Sumitomo Mitsui Banking Corporation (SMBC) has increased its stake to 24.22%, becoming the largest shareholder. The bank has also released a pledge on its 4.22% stake in CA Basque Investments.
Dixon Technologies: A block trade of approximately 8,717 shares at ₹18,155.00 per share was witnessed on the NSE, totaling ₹15.83 crores.
Sudarshan Chemical: The company reported a Q1 consolidated net profit of ₹472 million, up from ₹294 million year-over-year. Revenue surged to ₹25.1 billion from ₹6.34 billion.
Frontline Corporation: Promoter group member Manju Choudhary sold 5,172 shares, reducing her stake from 1.33% to 1.23%.
Swiggy: The board has approved the separation of its quick commerce business Instamart and plans to divest its stake in Rapido to Prosus and WestBridge for ₹2,400 crore.
Market Breadth
The overall market sentiment appears bearish, with key indices trading in the red and engineering services leading the sectoral losses. However, the transport and energy sectors are showing resilience, providing some counterbalance to the market's downward trend.
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