Only 11 stocks of the Nifty 50 went up the ladder as the Middle East conflict has again taken over the market sentiments. The broad market index fell 0.71% during the day from its previous close of 19811.50. The index not only dropped below the 19800 level but breached the 19700 level as well and closed at 19671.10.
While the prime reason for the falling market is the ongoing and escalating war between Israel and Gaza, there are other factors too, which played their role in the negative market movement. These include the increasing price of crude oil, which is affected by the war again, and corporate results.
The top gainers today are primarily from the pharma and healthcare sectors as these two sectors performed well during the day.
Top 5 Gainer Stocks Today
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- Cipla: The top gainer stock today on NSE was this pharma/ healthcare stock – Cipla. The stock shot up by 3.50% during today’s session from its previous close of 1173.50. As the result day nears for the stock, the prices are moving up. The quarterly results of this pharma company are due on 27 October 2023.
- Dr Reddy: The second top gainer today is again a pharma stock, which has gained 2.18% during the day. As the overall pharma and healthcare sector was rallying today, this stock also became a part of the same. Moreover, the quarterly and semi-annual results of this company are also due on the 27th of this month.
- Tata Motors: This top gainer stock is from the auto sector, which ended in the green but was flat throughout the day. Tata Motors stock has been rising for the past two weeks as the festive demand has kicked in. Today, the stock has gained 1.76% owing to the same reason.
- Sun Pharma: As the company announces its scheduled meeting of the board of directors on 1 November 2023, the investors seem to be positive about the company. The stock price rose by 1.44% during the day. The rally in the pharma sector has also boosted the stock to move upward.
- SBI Life: This insurance sector stock was moving downward during the first few hours of the market today. However, it made it to the top gainers today with just a 0.49% rise, as the overall market was highly disappointing. This insurance company is about to release its quarterly results on the 27th of October like Cipla and Dr Reddy. The announcement of the release of the results may have worked in favour of the stock as investors became a little hopeful and helped the stock to end in green.
Until the Israel-Hamas war cools down, the prices of crude will remain volatile, and so will the global market. The domestic market has been dragged by global market cues which were negative today and even the festive vibes couldn’t bring the domestic market on track.
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I’m Archana R. Chettiar, an experienced content creator with
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