Stock Market LIVE Updates: Sensex tumbles over 900 pts, Nifty below 24K; Sun Pharma drops 4%, Infosys 2%.
On Monday, Indian benchmark indices Sensex and Nifty declined, primarily due to losses in banking, financial, and IT sectors. Investor sentiment was cautious ahead of the U.S. presidential election and anticipated interest rate cuts by the Federal Reserve.
The Federal Reserve is widely expected to cut interest rates again this week, while votes are being counted in one of the closest-fought presidential races in decades.
Additionally, the dollar declined in Asia on Monday amid uncertainty surrounding the U.S. presidential election and potential interest rate cuts by the Federal Reserve. These global developments have contributed to the cautious mood in the Indian stock market.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, anticipates near-term market volatility due to the U.S. presidential election. However, he believes this impact will be short-lived, with economic fundamentals such as U.S. growth, inflation, and Federal Reserve actions playing a more significant role in shaping market trends.
Bajaj Auto’s October 2024 sales report showed a modest 2% year-on-year increase, reaching 479,707 units compared to 471,188 units in October 2023. Domestic two-wheeler sales declined by 8% to 255,909 units, down from 278,486 units in the same month last year. In contrast, exports saw a significant rise of 22%, totaling 158,463 units.
Following the release of these figures, Bajaj Auto’s stock experienced a 4% drop, reflecting investor concerns over the domestic sales decline. Despite the overall sales growth, the domestic two-wheeler segment faced challenges, with the Pulsar range continuing to dominate sales.
In the electric vehicle sector, Bajaj Auto reported its highest-ever monthly retail sales of the Chetak electric scooter in October, contributing to a year-on-year growth of 199% in total Chetak units sold from January to October 2024. These developments highlight the mixed performance of Bajaj Auto across different segments and markets.
In early Monday trading, most Asia-Pacific indices showed gains ahead of significant U.S. events this week, including the presidential election and the Federal Reserve’s policy decision. Australia’s ASX 200 rose by 0.2%, China’s CSI 300 increased by 0.2%, and South Korea’s Kospi climbed over 1%. Japan’s Nikkei remained closed due to a holiday.
In the U.S., the Dow Jones Industrial Average ended 0.69% higher, the S&P 500 rose by 0.41%, and the Nasdaq Composite gained 0.80% on Friday.
Commodities also saw upward movement, with Brent crude oil trading 1.6% higher at $74.27 per barrel and gold increasing by 0.27% to $2,738.60 per ounce.
