Mumbai: The BSE Sensex declined 225.17 points to 79,707.66 in early trade on October 31, 2024, Thursday. The NSE Nifty declined 60.85 points to 24,280. The benchmark equity indices dropped dragged down by IT stocks and continuous foreign fund outflows. According to exchange data, Foreign Institutional Investors (FIIs) sold shares worth Rs 4,613.65 crore on October 30, 2024.
30-share Sensex pack gainers: UltraTech Cement, Maruti Suzuki Infosys, HCL Technologies, Titan, Tech Mahindra, and Tata Consultancy Services. Meanwhile, Larsen & Toubro share price appreciated over 5 per cent after the infrastructure major reported a 5 per cent rise in consolidated profit after tax to Rs 3,395 crore in the second quarter of 2024-25. Other gainers included, Tata Steel, State Bank of India, Sun Pharma, and Axis Bank.
“This Diwali it is unlikely to see fireworks in the market. India has been underperforming in October with Nifty down 5.7 per cent when markets in US and Japan have delivered positive returns and China and Hong Kong have hugely outperformed.
“India’s underperformance is driven by lofty valuations, relentless FII selling and concerns over slowing earnings growth. In the near-term, this scenario is unlikely to change, reversing the trend decisively, even though mild pullbacks are possible,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
Tokyo, Seoul traded lower while Hong Kong and Shanghai were in positive territory. The US stock markets closed lower on October 30. Global oil benchmark Brent crude appreciated 0.48 per cent to USD 72.90 a barrel.
The 30-share barometer Sensex dropped 426.85 points to finish at 79,942.18 on October 30. The Nifty slipped 126 points to 24,340.85.
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