Indian stock markets reversed early gains and were trading slightly lower in the morning, weighed down by losses in Metal, Realty, and Healthcare sectors. Caution prevailed among traders following data from the Ministry of Commerce & Industry, revealing a contraction of 1.8% in the output of eight core industries in August 2024 – the first decline in nearly four years. In contrast, the core sector had shown growth of 13.4% in August 2023 and 6.1% in July 2024. Additional pressure came as foreign institutional investors (FIIs) sold equities worth ₹9792 crore on September 30.

Globally, Asian markets were in positive territory as investors responded to Federal Reserve Chair Jerome Powell’s remarks, suggesting inflation is cooling and that interest rates may decrease, though not immediately.

As of now, the BSE Sensex is trading at 84,237.11, down by 62.67 points or 0.07%, with an equal number of stocks advancing and declining. The broader indices were mixed, with the BSE Mid Cap index down by 0.21% and the Small Cap index up by 0.22%.

Among the top-performing sectors, IT rose by 0.75%, followed by TECK, Capital Goods, Power, and Industrials, while the worst performers were Metal, Realty, Healthcare, Basic Materials, and FMCG. Leading the gains on the Sensex were Tech Mahindra (+3.45%), Mahindra & Mahindra (+1.41%), and Infosys (+1.19%). On the downside, Asian Paints (-2.34%), Tata Steel (-1.63%), and JSW Steel (-1.32%) were among the top losers.

In the pharmaceutical sector, ICRA reported that Indian pharma companies are expected to see revenue growth of 9-11% in FY25, driven by the US market, Europe, and emerging markets. The agency also highlighted the impact of changes in the National List of Essential Medicines (NLEM) and uneven monsoons on last year’s performance but remained optimistic about the future.

On the CNX Nifty, the index was trading at 25,761.95, down 48.90 points or 0.19%. Tech Mahindra, Infosys, and Wipro led the gains, while Asian Paints, Tata Steel, and Bajaj Auto were the top losers. 

Asian markets continued to trade in the green, with indices like Jakarta Composite and Nikkei 225 posting strong gains.