Indian benchmark indices ended lower for the second consecutive session on October 31 amid selling seen in the metal, IT and media names. However, buying in PSU Banks helped to limit the losses.
Amid mixed global cues, the domestic indices opened flat but failed to hold on to the initial recovery and ended near day's low.
At close, the Sensex was down 465.75 points or 0.55 percent at 83,938.71, and the Nifty was down 155.75 points or 0.60 percent at 25,722.10. BSE Midcap index slipped 0.5% and Smallcap indices down 0.4%.
For the week, the BSE Sensex and Nifty shed 0.3 percent and 0.6 percent respectively, however, for the month of October, both the indices added nearly 4.5 percent each.
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Bharat Electonics, Eicher Motors, Shriram Finance, L&T, TCS were among major gainers on the Nifty, while losers were Cipla, Eternal, Max Healthcare, NTPC, Interglobe Aviation.
Among sectors, PSU Bank index rose 1.5%, while power, metal, media shed 1% each and IT, private bank, healthcare index down 0.5% each.
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In stock-specific action, Lodha Developers share price rose 2% as Q2 profit jumped 86%, Bandhan Bank share price slipped 8% after Q2 net profit plunges 88%, TD Power Systems share price rose 10% post Q2 profit rise of 45%, United Spirits share price added 2.5% as Q2 profit up 36%, Swiggy share price declined 2% as Q2 losses widen.
Fineotex Chemical rose 20% as shares trade ex-bonus & split, MTAR Technologies shares up nearly 3% on winning international order worth Rs 263.54 crore, Dr Lal PathLabs shares added 1.5% after Q2 net profit jumps 17%, Shriram Finance share price rose 2% on better Q2 earnings, Vedanta shares slipped 2.5% after Q2 profit dipped 38%.
More than 170 stocks touched their 52-week high on the BSE, including Navin Fluorine, Chennai Petro, IDBI Bank, IDFC First Bank, Canara Bank, PNB, Bank of India, Bank of Baroda, HPCL, RBL Bank, Indian Bank, SBI, eClerx Services, BPCL, SBI Life Insurance, IIFL Finance, Cummins India, Laurus Labs, Polycab India, among others. Click to View More
Outlook for November 3
Rupak De, Senior Technical Analyst at LKP Securities
Nifty remained weak throughout the day as the index failed to sustain above 25,950. Bears took control of the session when Nifty failed to move decisively above this level.
On the lower end, the support at 25,800 was broken, setting a bearish tone. In the short term, the trend is likely to remain weak with the potential to decline towards 25,525. On the higher end, resistance is placed at 25,850, above which the trend may turn positive.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
The profit booking in Nifty continued for the second consecutive sessions on Friday and Nifty closed the day lower by 155 points. After opening on a positive note, the market failed to sustain the highs and slipped into declines in the early to mid-part of the session. Fresh weakness got triggered in the later part and Nifty closed at the lows.
A long bear candle was formed on the daily chart with minor upper shadow. Technically, this market acter indicates an emergence of profit booking in the market after a stellar upmove. Nifty is currently trading within a broader high low range of around 26100-25700 levels and is now placed at the lower range.
The short-term trend of Nifty is weak, but the overall medium-term trend of the market remains positive. Any slide below 25700 levels, the market is expected to find strong support around 25500 levels and there is a higher possibility of sharp upside bounce from the lows by next week. Immediate resistance is placed at 26100.
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