The Indian stock market faced notable declines on October 22, 2024, with the benchmark indices, Nifty 50 and Sensex, sliding significantly. Amidst this overall market downturn, ICICI Bank stood out as a key gainer, showcasing resilience in an otherwise rocky trading environment.
Market Performance Overview
The Nifty 50 index closed at 24,781.1, reflecting a decline of 1.25%. During the trading session, it peaked at 24,882.0 and dipped to a low of 24,445.8. Meanwhile, the Sensex also suffered significant losses, closing at 81,151.27, which indicates a drop of 1.15%. This index experienced a trading range between 81,504.24 and 80,149.53, resulting in a loss of 930.55 points.
Indices Performance
Additional indices also indicated bearish trends:
- Nifty Midcap 50: fell 2.45%
- Nifty Small Cap 100: decreased by 3.92%, closing at 18,797.4
Periodic Returns for Nifty 50
Reviewing the periodic returns for the Nifty 50 index sheds light on its recent performance:
- Last 1 Week: -2.42%
- Last 1 Month: -5.74%
- Last 3 Months: -0.24%
- Last 6 Months: 9.46%
- Last 1 Year: 26.8%
Nifty Index Top Gainers and Losers
Despite the overall market decline, ICICI Bank emerged as the top gainer on both the Nifty and Sensex, with an increase of 0.67%. The top losers that contributed to the slide included:
- Adani Enterprises: down 3.88%
- Bharat Electronics: down 3.77%
- Mahindra & Mahindra: down 3.70%
- Coal India: down 3.51%
- Tata Steel: down 2.99%
Bank Nifty Performance
The Bank Nifty index closed at 51,962.7, with its session high reaching 52,257.3 and its low dropping to 51,184.9. The performance over various periods exhibited:
- Last 1 Week: -1.35%
- Last 1 Month: -5.36%
- Last 3 Months: -2.06%
- Last 6 Months: 6.84%
- Last 1 Year: 18.66%
Detailed Top Gainers and Losers List
Examining the detailed lists of top gainers and losers across various platforms:
Sensex
- Top Gainer: ICICI Bank (up 0.67%)
- Notable Losers:
- Mahindra & Mahindra: down 3.79%
- Tata Steel: down 2.94%
- State Bank Of India: down 2.91%
- Power Grid Corporation Of India: down 2.89%
- Tata Motors: down 2.64%
Nifty
- Top Gainer: ICICI Bank (up 0.67%)
- Top Losers:
- Adani Enterprises: down 3.88%
- Bharat Electronics: down 3.77%
- Mahindra & Mahindra: down 3.70%
- Coal India: down 3.51%
- Tata Steel: down 2.99%
Nifty Midcap 50
- Top Gainers: Phoenix Mills, Colgate Palmolive India
- Top Losers: Supreme Industries, L&T Finance, Yes Bank, NMDC, SRF
Nifty Small Cap 100
- Top Gainers: City Union Bank, Century Textiles & Industries, Apar Industries
- Top Losers: Aditya Birla Real Estate, HFCL, Mangalore Refinery & Petrochemicals, Gujarat Mineral Development Corp, Hindustan Copper
BSE
- Top Gainers:
- Poly Medicure: up 3.50%
- Varun Beverages: up 2.78%
- Hindustan Zinc: up 2.37%
- Tube Investments Of India: up 2.08%
- City Union Bank: up 11.77%
- Top Losers:
- Aditya Birla Real Estate: down 9.72%
- HFCL: down 7.48%
- Finolex Industries: down 7.44%
- NLC India: down 7.21%
- Punjab National Bank: down 7.18%
NSE
- Top Gainers:
- Poly Medicure: up 3.01%
- Varun Beverages: up 2.78%
- Hindustan Zinc: up 2.36%
- Tube Investments Of India: up 2.25%
- City Union Bank: up 11.87%
- Top Losers:
- Supreme Industries: down 9.00%
Conclusion
The trading day on October 22, 2024, was marked by significant slides in both the Nifty and Sensex indices, reflecting a challenging market atmosphere. Notably, ICICI Bank managed to secure a modest gain, serving as a beacon of stability amidst the wider turbulence. Investors should analyze these trends closely, as they may indicate shifting investor sentiments and future market behaviors.
FAQ
Q1: What caused the decline in Nifty and Sensex?
A1: Market corrections can be driven by several factors, including economic data releases, geopolitical tensions, or sector-specific news that dampen investor sentiment.
Q2: How did ICICI Bank perform despite market downturns?
A2: ICICI Bank’s resilient performance may be attributed to strong fundamentals, positive earnings reports, or investor confidence in the banking sector.
Q3: What should investors consider in a bearish market?
A3: In bearish conditions, investors might look for defensive stocks, diversify their portfolios, or consider investing in sectors that historically withstand market downturns.
