Business

Indian Stock Market Opens Week With Significant Selling Pressure Across Multiple Sectors

The Indian stock market began the week on a negative note, with significant selling pressure observed across several sectors, including automobiles, IT, public sector banks, financial services, and fast-moving consumer goods (FMCG).

The benchmark BSE Sensex dropped by 702.69 points, or 0.88%, to settle at 79,021.43 shortly after the opening bell. Similarly, the NSE Nifty index fell by 218.55 points, or 0.9%, trading at 24,085.80.

The overall market sentiment was bearish during the morning session, with a stark contrast in stock performances.

On the National Stock Exchange (NSE), only 507 stocks managed to remain in the positive, while a substantial 1,777 stocks were in the red, highlighting the broad market sell-off.

The Nifty Bank index also faced downward pressure, declining by 280.60 points, or 0.54%, to 51,393.30.

The Nifty Midcap 100 index fell to 56,113.80 after a decrease of 382.25 points, or 0.68%, while the Nifty Smallcap 100 index dropped by 202.45 points, or 1.08%, to 18,592.45.

Among the biggest losers on the Sensex were major names such as Sun Pharma, Reliance, Tata Motors, Infosys, Titan, Maruti, NTPC, and Axis Bank. Conversely, M&M, Tech Mahindra, HCL, and IndusInd Bank emerged as the few gainers.

Analysts Link Market Downturn To Global Factors

Market analysts suggest that the recent downturn could be attributed to global factors, particularly the upcoming US presidential elections, which are expected to create volatility in the markets.

While short-term fluctuations may occur, experts believe that economic fundamentals, including US growth rates, inflation, and Federal Reserve actions, will ultimately shape market directions.

Foreign Institutional Investors (FIIs) may continue their selling trend in the current earnings environment, potentially limiting any upward movements in the market, according to analysts.

In the broader Asian markets, major indices in Shanghai, Hong Kong, and Seoul were trading positively, while markets in Tokyo, Bangkok, and Jakarta were also showing gains. Notably, US markets ended positively on the last trading day.

On 1 November, FIIs offloaded equities worth Rs 211 crore, whereas domestic institutional investors bought equities totaling Rs 377 crore, indicating a mixed sentiment among market participants.

Also Read: Former Pebble CEO Gabor Cselle Joins OpenAI For Confidential New Initiative

Mankrit Kaur

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