Despite the positive sentiment from Wall Street performance, Indian equity markets opened lower on Tuesday after posting mixed signals from global markets. The BSE Sensex fell 21.55 points (0.03%) to 79,983.5, while the Nifty 50 opened at 24,324 points, down 15 points (0.06%).
Sensex and Nifty traded near flat levels till noon on October 29, helped by gains in financial stocks, while auto and IT industries continued to face selling pressure. Middle East de-escalation and falling crude oil prices to provide support for some issued, but Concerns over earnings and sales to foreign institutional investors (FII) warned sentiment.
Indices Performance
By 1:10 PM, the Sensex fall 25 points (0.03%) to 79,979, while the Nifty fell 22 points (0.1%) to 24,316. Advancers and decliners were almost balanced at 1,688 and 1,635 shares, respectively.
FII activity
FIIs remained net sellers throughout October, withdrawing Rs 1,03,470 crore from Indian equities till October 28, while domestic institutional investors (DIIs) raised shares worth Rs 98,492 crore.
Sector overview
• Auto & IT Under Pressure: The Nifty Auto index fell nearly 2%, with Tata Motors the worst performer in the Nifty 50, down more than 4%. Led by declines in Infosys and Tech Mahindra, the IT index fell nearly 1%.
• Economic performance: Nifty Bank rose more than 1%, driven by gains in ICICI Bank and SBI.
Notable gainers and losers
• Top Gainers: SBI, ICICI Bank, Bharat Electronics, SBI Life, HDFC Life
• Top Losers: Tata Motors, Hero MotoCorp, Dr Reddy’s, Bajaj Auto, Cipla
Global market insights
Market performance was mixed in Asia-Pacific, with Japan’s Nikkei 225 up 0.49%. In contrast, South Korea’s Kospi and Kosdak fell 0.54% and 0.92%, respectively. Australia’s S&P/ASX 200 rose 0.47%. Meanwhile, mainland China's CSI300 was down 0.27% and the Shanghai Composite was down 0.16%. The Hong Kong Hang Seng Index rose 0.49%.
Also read | Diwali Home Loan Festive Offers: Major points to keep in mind before going ahead
