Top Nifty gainers and losers at mid-day: Axis Bank up, M&M, Tech Mahindra slump

Sensex was down 763.06 points or 1.19 percent at 63,286.00, and the Nifty was down 234.30 points or 1.23 percent at 18,887.90. About 534 shares advanced, 2559 shares declined, and 85 shares unchanged.

Axis Bank Ltd: Shares of the private lender rose nearly 1 percent to Rs xx, in an otherwise bearish market as the market sell-off intensified. The surge comes after Axis reported a net profit of Rs 5,864 crore for the July-September FY24 quarter, which marks a 10 percent jump from Rs 5,330 crore clocked a year ago.

HCL Tech Ltd: Shares of the company rose a marginal 0.07 percent to Rs xx, snapping its five-day losing streak on the bourses.

Mahindra and Mahindra Ltd: Shares of the tractor maker slumped over 2 percent to Rs xx, becoming the top loser on the Nifty. The drop means that it has lost its two-day gaining streak on the bourses on October 26.

Tech Mahindra Ltd: Shares of the IT major plunged nearly 3 percent to Rs xx, after its Q2 net profit declined 61 percent to Rs 494 crore year-on-year for the quarter ended September 30, signalling a washout second quarter driven by slowing demand in telecom and communications segment and delays in deal cycles.

UPL Ltd: Shares of the company fell nearly 2.5 percent to Rs xx, tanking for the seventh-day in a row. “There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Bajaj Finance Ltd: Shares of the Nifty major fell 2.5 percent to Rs xx, extending losses for the second day in a row. Banking, which constitutes one of the largest segments of the AUM of FPIs, is likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates, Vijaykumar from Geojit said, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Apollo Hospitals Ltd: Shares of the healthcare major tanked 2.6 percent to Rs xx, extending losses for the fourth straight session in a row.