Bears Tighten Grip on Dalal Street; Markets Tumble for Second Straight Session

Delhi, 31 October (H.S.): Indian equity markets extended their losing streak to a second consecutive day on Friday, as intense and sustained selling pressure overshadowed early buying attempts. The benchmark indices, Sensex and Nifty, both closed significantly lower, leading to an erosion of investor wealth by approximately ₹2.04 lakh crore.

The trading session began with a slight dip, followed by a brief recovery that pushed the indices into positive territory within the first 20 minutes. However, the rally was short-lived as sellers took firm control, dragging the market steadily downward for the remainder of the day. Despite several attempts by buyers to stage a comeback, the bearish momentum proved overwhelming.

Ultimately, the Sensex closed down 0.55 percent, and the Nifty 50 declined by 0.60 percent.The sell-off was widespread, with the Metal, IT, and Pharmaceutical sectors bearing the brunt of the decline. Indices for Banking, Realty, FMCG, Automobile, Consumer Durables, and Technology also finished in the red. In contrast, select sectors such as Defense, Public Sector Enterprises, Oil & Gas, and Capital Goods witnessed buying interest.

The negative sentiment extended to the broader market, with the BSE MidCap index falling 0.55 percent and the SmallCap index ending 0.40 percent lower.Due to the market’s weakness, the total market capitalization of BSE-listed companies fell to ₹470.32 lakh crore (provisional) from ₹472.36 lakh crore on Thursday, reflecting a single-day loss of ₹2.04 lakh crore for investors.

The BSE Sensex, which opened at 84,379.79, climbed to an intraday high of 84,712.79 before succumbing to selling pressure. It plunged to a low of 83,905.66 before a minor recovery in the final moments led it to close at 83,938.71, a loss of 465.75 points. Similarly, the NSE Nifty opened at 25,863.80 and hit a high of 25,953.75 before falling to a low of 25,711.20. It ultimately settled at 25,722.10, down 155.75 points.Market breadth was firmly in favor of decliners. On the BSE, 1,784 stocks advanced against 2,370 that declined.

On the NSE, 1,080 stocks gained while 1,720 fell. Among index constituents, 25 of the 30 Sensex stocks and 41 of the 50 Nifty stocks ended with losses.

Top Gainers

Bharat Electronics: 3.95%

Eicher Motors: 1.71%

Shriram Finance: 1.44%

Larsen & Toubro: 1.09%

TCS: 0.75%

Top Losers

Eternal: 3.52%

Max Healthcare: 2.61%

Cipla: 2.52%

NTPC: 2.38%

Grasim Industries: 1.99%