Nifty 50 Takes a Hit: Reliance Industries and Other Stocks Drop

On October 3, 2024, the Indian stock market experienced a significant downturn, impacting the top stocks in the Nifty 50 index. The Nifty 50 index itself closed at 25,250.10, down 546.80 points or 2.12%. On October 4, 2024, Nifty 50 opened at 25,181.90, and as of 10:26 AM, it was trading in red at 25,203.35, down by 0.14%. The Nifty 50 stocks are experiencing a mixed bag of fortunes. 

The ongoing conflict between Iran and Israel has escalated tensions in the Middle East, with significant geopolitical implications that are reverberating across global financial markets. As the situation intensifies, investor sentiment has become increasingly cautious, leading to fluctuations in stock prices, particularly within sectors sensitive to geopolitical events, such as oil and gas. The Brent Crude prices, which had risen around $75 a barrel on Thursday from nearly $70 a barrel a day earlier, further climbed, crossing the $77 a barrel mark on Friday, as of 10:49 AM.

Top Nifty 50 Stocks – Losers (As of 10:30 AM on October 4, 2024)

Apart from these, there are other Nifty 50 stocks, such as Mahindra & Mahindra, Coal India, Grasim Industries and Reliance Industries, that are trading in red on Friday. 

As of 10:59 AM, Mahindra & Mahindra’s share price was down by 1.05 %, while Coal India was down by 0.23% and Grasim Industries’ shares price declined by 0.23%. Indian multinational conglomerate Reliance Industries’ share price opened at ₹2,807.85, touching the day’s low at ₹2,763.55.

The recent drop in the Nifty 50 stocks underscores the challenges facing the Indian equity market, prompting investors to reassess their strategies and stay vigilant in the face of ongoing volatility. As market dynamics continue to evolve, it will be crucial for investors to stay informed about these key players and their potential impact on the broader market.

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.