After a robust start to the Diwali week, the Indian stock market opened in the red on Tuesday, with selling pressure observed across the auto, IT, financial services, and pharmaceutical sectors.
The Sensex dropped by 344.28 points, or 0.43%, trading at 79,660.76. Similarly, the Nifty declined by 81.45 points, or 0.33%, to settle at 24,257.70 in the opening trade.
Market trends remained mixed, with 635 stocks advancing on the National Stock Exchange (NSE), while 405 stocks declined. The Nifty Bank index rose by 145.05 points, or 0.28%, to reach 51,404.35. Meanwhile, the Nifty Midcap 100 index slipped by 8.20 points, or 0.01%, to 55,728.40, and the Nifty Small Cap 100 index edged up by 2.70 points, or 0.01%, to 18,065.00.
Among the top gainers in the Sensex pack were NTPC, ICICI Bank, L&T, and SBI Bank. Conversely, Bharti Airtel, Mahindra & Mahindra (M&M), Bajaj Finserv, Infosys, and Axis Bank faced significant losses.
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In the Nifty pack, NTPC, Eicher Motors, BHEL, ICICI Bank, and Coal India were the leading gainers, while M&M, Bharti Airtel, Axis Bank, Shriram Finance, and HDFC Life recorded the largest declines.
In Asian markets, stocks in Bangkok, Hong Kong, and Tokyo showed gains, while Shanghai, Jakarta, and Seoul experienced declines. The US stock market also closed positively on the previous trading day.
Market analysts noted that the decrease in foreign institutional investor (FII) selling is a positive sign for the market. However, concerns regarding the premium valuations of the Indian market in light of anticipated FY25 growth challenges and weak urban consumption may lead to continued selling by FIIs. On October 28, FIIs sold equities worth Rs 3,228 crore, while domestic institutional investors purchased equities valued at Rs 1,401 crore.
On Monday, the Indian stock markets had a significant rally, with the Sensex surging by 602 points to close at 80,005, and the Nifty climbing 158 points to settle at 24,339, marking the best session in a month.
