Tue Oct 08 07:31:36 UTC 2024: ## Indian Stock Market Opens Lower on Geopolitical Tensions and Interest Rate Concerns

**Mumbai, India -** The Indian stock market opened lower on Tuesday, October 8, 2024, marking the seventh consecutive session of losses. Investor sentiment was dampened by geopolitical tensions in the Middle East and concerns over potential delays in interest rate cuts by the US Federal Reserve.

The benchmark Sensex opened at 80,826.56, down from its previous close of 81,050.00, while the broader Nifty50 index started the day at 24,832.20, slightly up from Monday’s close of 24,795.75.

“The trend of the Nifty remains weak and sell-on-rise behaviour may be witnessed for some more time, although as the short-term trend has become oversold, a bounce can be expected any time,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

**Honasa Consumer Fined**

The shares of Honasa Consumer Limited, the parent company of Mamaearth, traded at ₹430, down by ₹1.90 or 0.44 per cent on the NSE. This followed the company’s disclosure of a ₹50,000 fine imposed by the Office of the Assistant Controller Legal Metrology in Kulgam, Jammu & Kashmir.

**Other Notable Developments**

* **Nupur Recycler Ltd (NRL)** announced an investment of over ₹13 crore in its subsidiary, Frank Metals, marking its second major investment in the company. The company’s shares traded at ₹103.57, up by ₹2.41 or 2.38 per cent on the NSE.
* **Allied Digital Services Ltd** was awarded the Pune Safe City Project, a six-year contract to deploy over 4,000 AI-enabled cameras across Pune city.
* **Blue Dart Express** announced ‘Diwali Express’, a limited-time offer providing discounts on Diwali gift shipments.
* **Mahanagar Gas** signed an indicative and non-binding term sheet with International Battery Company Inc. for a proposed investment in International Battery Company Pvt. Ltd.
* **Persistent Systems** achieved carbon neutrality for Scope 1 and Scope 2 emissions for its global operations in FY23-24.
* **Infosys** and Handelsblatt Research Institute (HRI) launched a research report titled “AI Trend Report: How AI is Transforming Industries.”

**Key Index Performance**

* Nifty 50 has experienced a growth of 7.50% over the past 3 months, 15.60% over the past 6 months, and 31.43% over the past year.
* The Nifty Next 50 has shown a growth of 7.79% over the past 3 months, 27.17% over the past 6 months, and 71.18% over the past year.
* The Nifty Microcap 250 index has surged 11.63% over the last 3 months, 35.64% over the past 6 months, and 58.79% over the past year.
* The Nifty 500 has seen a growth of 7.47% over the past 3 months, 19.70% over the past 6 months, and 40.21% over the past year.
* The Nifty Midcap 150 has experienced a 7.10% surge over the past 3 months, 25.59% growth over the past 6 months, and a 47.36% increase over the past year.
* The Nifty Smallcap 250 have shown growth of 7.60% over the past 3 months, 28.47% over the past 6 months, and 50.53% over the past year.

**Looking Ahead**

The market will be closely watching the assembly election results from Jammu & Kashmir and Haryana, as well as the RBI’s monetary policy outcome, scheduled for tomorrow. Analysts expect foreign portfolio investors will continue to exert selling pressure, and the ongoing geopolitical tension is likely to keep the market under pressure.

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