MNC Stocks Near All-Time Highs as Others Tumble

BSE Sensex closed down for a 6th straight day, marking its longest losing streak in 7 months. The stock market experienced a widespread decline today, with every sector taking a hit. Notably, metals, autos, and non-banking financial companies (NBFCs) all witnessed significant drops of -1.6% each. It was a challenging day for investors.

However, amid the sea of red, Axis Bank managed to shine as the top gainer on the Nifty index, boasting a 2% increase, thanks to its impressive Q2 results. This certainly made it a standout performer. On the flip side, Asian Paints saw a decline of over 3% due to weaker-than-expected Q2 earnings.

Information technology stocks were not spared from the selling pressure. Tech Mahindra, Mastek, and Saksoft all witnessed substantial intraday cuts ranging from 3% to 4%. These tech stocks struggled to maintain their value throughout the day.

In the IPO market, IRM Energy had a disappointing debut on Dalal Street, closing down -6%. It was not the start investors were hoping for.

In all this, the Nifty MNC index also dropped around 250 points or 1.15% on an intraday basis. Gland Pharma, Ambuja Cement, and ABB were among the gainers from the Nifty MNC pack, gaining more than a 0.5% surge in their share prices. A few MNC stocks are looking quite strong amid negative market sentiments, showing signs of bullishness. These stocks are resisting the downfall of the market by standing firm on their own strength.

Following are the MNC stocks that are trading near 10% of their respective all-time high on Thursday, Oct 26, 2023:

Data recordes as on Oct 27, 2023, 10:40:21 (UTC+5:30)
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.