Mon Oct 07 12:12:23 UTC 2024: ## Indian Markets Witness Sharp Decline, Investors Lose Billions

**Mumbai, India (October 7, 2024):** Indian stock markets experienced a significant downturn on Monday, with investors losing a staggering ₹9 lakh crore (approximately $10.8 billion) in a single trading session. This marked the third consecutive day of heavy losses, amounting to a total of ₹22 lakh crore (approximately $26 billion) over the past three sessions.

The benchmark indices, Sensex and Nifty, plunged to their lowest closing levels in nearly two months. Sensex fell 638 points to 81,050, while Nifty shed 219 points to end at 24,798. The midcap index slipped 1,174 points to 57,300, while the Nifty Bank index witnessed a sharp decline of 983 points to 50,479.

The decline was attributed to widespread selling across sectors, with only the IT index managing to close in the green. Financials, including HDFC Bank and Axis Bank, along with Reliance Industries, emerged as major drags on the Nifty.

Adani Group stocks continued to face heavy selling pressure, with Adani Enterprises and Adani Ports declining by 3-4%. Vodafone Idea, a major midcap loser, fell 7% on reports of the Department of Telecommunications seeking bank guarantees.

However, there were some bright spots. AU Small Finance Bank gained following a positive quarterly update. Mphasis and LTIMindtree, both IT companies, gained up to 2% after receiving upgrades from JPMorgan.

Meanwhile, Hitachi Energy India announced a ₹2,000 crore investment over the next four to five years for expansion and talent development. HeidelbergCement India saw a surge of 18% after reports emerged that the Adani Group is in talks to acquire the Indian cement operations of Heidelberg Materials.

SBI Securities’ Sudeep Shah recommended buying Divi’s Labs with a stop loss of ₹5,350 and a target of ₹5,550-5,600, and NALCO with a stop loss of ₹215 and a target of ₹228-232.

Analysts cautioned that the market volatility is likely to continue in the short term, and advised investors to adopt a cautious approach.

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