Indian equity indices ended lower for the second straight session on October 31, with Nifty falling below 24,200, intraday, amid selling in the IT, FMCG and banks.
At close, the Sensex was down 553.12 points or 0.69 percent at 79,389.06, and the Nifty was down 135.50 points or 0.56 percent at 24,205.35.
Amid mixed global cues, the market opened marginally in the green but turned negative immediately and extended the losses as the day progress to end near the day’s low.
In the month of October, the BSE Sensex shed 5.8 percent and Nifty50 plunged 6.2 percent.
Biggest Nifty losers included Tech Mahindra, HCL Technologies, Infosys, TCS, Wipro, while gainers were Cipla, L&T, Dr Reddy's Labs, Hero MotoCorp and ONGC.
Among sectors, IT index shed nearly 3 percent, FMCG index was down nearly 1 percent, and bank index fell 0.5 percent. However, pharma and media indices rose 1.5 percent each.
The BSE midcap index shed 0.3 percent, while smallcap index rose 1.6 percent.
More than 160 stocks touched their 52-high on the BSE, including, AMI Organics, Anup Engineering, Arvind Smartspaces, CRISIL, Fortis Healthcare, Gillette India, JagsonpalPharma, Kitex Garments, Paradeep Phosphates, Piramal Pharma, Poly Medicure, Prudent Advisor, Sharda Crop, Suven Pharma, Transformers and Rectifiers India, V-Mart Retail, Wockhardt, among others. Click To View More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,706.67 | -13.71 | -0.02% |
| Nifty 50 | 26,202.95 | -12.60 | -0.05% |
| Nifty Bank | 59,752.70 | 15.40 | +0.03% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,757.30 | 76.10 | +2.07% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| SBI Life Insura | 1,966.00 | -38.50 | -1.92% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27774.60 | 170.90 | +0.62% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 35548.30 | -207.90 | -0.58% |
Outlook for November 1
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty index remained volatile before closing on a negative note. On the hourly chart, it encountered resistance around the 50 EMA, leading to a pullback toward 24,200. Sentiment may continue to remain weak as long as Nifty stays below 24,500, with any rise toward this level likely facing selling pressure.
On the downside, support is placed at 24,000, while resistance levels are seen at 24,500 and 24,750.
Ajit Mishra – SVP, Research, Religare Broking
Markets traded under pressure on monthly expiry day, slipping nearly half a percent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses. Nifty ultimately closed at 24,205, down 0.56%. Most sectors saw losses, with IT and FMCG leading the decline. Broader indices showed mixed performance, as midcaps edged lower while smallcaps gained over a percent.
While IT had previously shown resilience, holding hope for a recovery, today’s decline in major IT stocks has dampened the outlook for a strong rebound.
Current indications point to a possible retest of the prior swing low near the 24,000 level. Despite the negativity in the benchmark indices, there are notable opportunities on both sides in certain sectors. Traders should adjust their strategies, accordingly, emphasizing risk management.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
