Reliance Industries Among Top Losers As Nifty Crashes Below 24,000

On Monday, Nifty 50 fell 1.27% to 23,995.35. Only 8 stocks were up while 42 were closed in red.

Top Gainers:

M&M topped the charts with a 5.70% increase, closing at ₹2883.95. M&M gained after Kotak upgraded the stock to buy after posting strong sales in October. Cipla and Tech Mahindra also posted notable gains, with increases of 2.12% and 1.85% respectively. SBI and IndusInd Bank rounded out the top five with more modest gains.

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Top Losers:

On the downside, Grasim Industries led the losses with a 3.90% decrease to close at ₹2590.6. Hero MotoCorp and Bajaj Auto also saw declines of over 3%, with their stock prices falling due to various market pressures. BPCL and Reliance Industries experienced declines of 2.35% and 2.24% respectively, closing out the list of the top five losers.

Vinod Nair, Head of Research at Geojit Financial Services, said, ” As expected, India is underperforming its global peers due to excess valuation. The ongoing selloff has deepened by weak Q2 earnings, dampening investor sentiment. Continued volatility is anticipated in the short-term, as attention shifts to the closely contested US presidential election. Additionally, key economic events, such as the US Fed and BoE policy decisions, will be critical in shaping market movements. “

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