Indian equity indices closed lower for the second consecutive session on October 31, with the Nifty dipping below the 24,200 mark amid selling pressure in the IT, FMCG, and banking sectors. At the time of closing of the trading day, the Sensex was down 553.12 points, or 0.69 per cent, finishing at 79,389.06. The Nifty closed down 135.50 points, or 0.56 per cent, at 24,205.35.

Despite opening slightly positive amid mixed global cues, the market quickly turned negative and continued to lose ground throughout the day, ultimately closing near its lowest point.

For the month of October, the BSE Sensex declined by 5.8 per cent, while the Nifty50 fell by 6.2 per cent.

Tech Mahindra, HCL Technologies, TCS, Infosys, and Asian Paints were the biggest losers on the BSE Sensex. In contrast, the top gainers were L&T, Power Grid, JSW Steel, Mahindra and Mahindra, and HDFC Bank.

In terms of sector performance, the IT index declined by nearly 3 per cent, the FMCG index fell by almost 1 per cent, and the banking index decreased by 0.5 per cent. Conversely, both the pharma and media indices saw gains of 1.5 per cent each.

The BSE midcap index dropped by 0.3 per cent, while the smallcap index experienced a rise of 1.6 per cent.

Vinod Nair, Head of Research at Geojit Financial Services, said, “The key benchmark indices traded with mild cuts while experiencing a broader sell-off in the technology sector due to weakness in the US IT companies, which has led the domestic IT companies to come under the shadow of underperformance. Investors remain cautious owing to weak domestic earnings for Q2.”

“However, the market expects the momentum to reverse in H2 due to a rebound in core sector data and government spending, which are likely to influence the Samvat 2081 investment strategy,” Nair added.

Meanwhile, Muhurat trading is set to take place on Friday, November 1, 2024, with a one-hour trading session from 6:00 pm to 7:00 pm on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE ). This special session is believed to invite wealth, success, and good fortune, aligning with the beginning of the Hindu New Year, Samvat 2081.

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