Thu Oct 03 04:16:15 UTC 2024: ## Indian Markets Plunge: Sensex Drops 600 Points, Rupee Falls to 83.90

**Mumbai, October 3, 2024** – Indian stock markets opened in the red today, with the benchmark Sensex index falling by 600 points to 83,662.89. The Nifty 50 index also followed suit, dropping 200 points or 0.8% to 25,590.

The decline was attributed to a number of factors including weak global cues and concerns over the domestic economy. Only a handful of index stocks managed to buck the trend, with JSW Steel, Tata Steel, Sun Pharma, NTPC, and Adani Ports seeing gains.

**Top Losers:**

* Eicher Motors (-2.39%)
* BPCL (-2.25%)
* Asian Paints (-1.93%)

**Top Gainers:**

* JSW Steel (2.50%)
* ONGC (1.68%)
* Tata Steel (1.48%)

**Other News:**

* **Transformers & Rectifiers secures ₹565 crore order from Power Grid:** The company will supply transformers and reactors with a range of 80 MVAr to 500 MVA and 420 kV to 765 kV class.
* **Indian rupee falls to 83.90 against the US dollar:** The rupee continues to weaken against the dollar, reflecting a general trend of weakness in emerging markets.
* **Analysts recommend buying Chambal Fertilisers, HCLTech and GNFC:** Several market analysts have issued buy recommendations for these stocks, with target prices and stop-loss levels outlined.
* **Several companies release business updates:** Hi-Tech Pipe reported a 22.5% year-on-year increase in sales volume, while Biocon Biologics refinanced ₹9,346 crore of long-term debt.
* **Dr Reddy’s signs licensing agreement with Gilead Sciences:** The agreement allows Dr Reddy’s to manufacture and commercialize Lenacapavir, a treatment for HIV-1 infection in India and other countries.
* **Mankind Pharma gets approvals for Bharat Serums and Vaccines acquisition:** The acquisition further strengthens Mankind Pharma’s position in the pharmaceutical market.
* **Zydus Life receives USFDA approval for Enzalutamide Tablets:** This approval paves the way for the company to launch Enzalutamide, a treatment for prostate cancer, in the US market.

**Key Points:**

* Indian stock markets are experiencing a significant downturn.
* The rupee continues to weaken against the US dollar.
* Several companies have announced positive business developments.
* Analysts are providing recommendations on various stocks.

**Disclaimer:** This news article is intended for informational purposes only and should not be considered financial advice.

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