Indian markets witnessed a substantial decline, causing several stocks, including Gangotri Text, to hit their 52-week lows by 11:20 AM IST. This downward trend impacted major indices, with both the NSE Nifty and BSE Sensex experiencing the effects. Amidst the market fluctuations, some companies, like Crest Ventures, defied the trend by reaching their 52-week highs.
Coal India Ltd emerged as one of the top gainers on the National Stock Exchange (NSE), while SBI Life Insurance Company Limited faced setbacks as one of the top losers. This market activity follows a positive start to Samvat 2080, the traditional New Year for trading communities in India, which commenced with a Muhurat trading session, witnessing gains for India’s stock benchmarks.
The ongoing festive season has contributed to a significant increase in online shopping, particularly in electronics sales, driven by Diwali celebrations, a period when consumers traditionally make substantial purchases.
Furthermore, recent legal developments are set to impact the banking sector, as the Supreme Court issued an order allowing bankruptcy proceedings against guarantors of loans linked to defaulting companies. This decision is expected to broaden banks’ avenues for recovering bad loans, potentially enhancing their financial health and influencing related stocks. Investors and market participants are closely monitoring these developments and their implications for the overall market landscape.