Dabur and Real Estate Stocks Sink Amid Weaker Demand, BSE Surges on SEBI Reforms and more

Written by - Fisdom Research

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October 3, 2024 2 minutes

Market Snapshot

Indian benchmark indices ended lower for the third straight session on October 1, with Nifty slipping below 25,800 amid concerns over a widening current account deficit and weak manufacturing data.
In sectoral movements, buying was seen in media, auto, and IT, while telecom, power, FMCG, Oil & Gas, and realty faced selling pressure.
The BSE Midcap index rose 0.3%, while the Smallcap index gained 0.5%.

In its Q2 business update, FMCG giant Dabur India reported that extreme weather events like floods and heavy rains have negatively impacted consumer demand. Following this weaker-than-expected performance, brokerages lowered their target prices for the company, causing its stock to drop nearly 6%.
Real estate stocks like DLF, Sobha, Godrej Properties, and Lodha fell by up to 6% on October 3 amid a broader market sell-off. The decline followed a 15% year-on-year drop in Mumbai’s housing unit registrations in September 2024, as buyers delayed purchases due to the inauspicious Shraadh period and expectations of a potential stamp duty reduction ahead of state elections.
BSE shares surged over 3% after SEBI’s newly released F&O norms were more lenient than anticipated. Experts believe these regulations will negatively impact BSE’s competitor, NSE, positioning BSE to benefit from the changes.
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