Selling dominates the market; Sesenx drops 1400 points-Nifty weak, investors lose ₹8 lakh crore

New Delhi| After the rise on the day of Muhurat trading, selling pressure returned in the Indian markets and on Monday both the major indices Sensex and Nifty were seen slipping. At 10:15 am, the Sensex fell by 1,014 points or 1.27% to a level of 78,710.36. Nifty, on the other hand, appeared to be trading at the level of 23,997, down 308 points or 1.27%. During this period, investors lost around Rs 6.8 lakh crore and the market cap of companies listed on BSE fell by Rs 6.8 lakh crore to Rs 441.3 lakh crore.

Earlier, the BSE Sensex index opened with a fall of 10 points or 0.01 per cent at 79,713 points, while the Nifty 50 index opened with a slight gain of 11 points or 0.05 per cent at 24,315.75 points. Both indices declined further in early trade.

In the sectoral index on the National Stock Exchange, the Nifty IT index fell by 0.57 per cent, while other indices rose during the opening session. Only 9 shares opened with gains in the Nifty 50 stock list, while another 41 shares registered a decline. Mahindra & Mahindra emerged as the top beneficiary of the day with a 3 percent gain. It was followed by Cipla, Tech Mahindra and HCL Tech. The top falling stocks included shares of Sun Pharma, Bajaj Auto, Infosys and Adani Ports.

Indian Railway Finance Corp, IRCTC, Exide Industries, Raymond, Sundaram Finance and ABB India will announce their second quarter results for FY2025 today. In other Asian markets, South Korea’s Kospi index held gains of 1.49 percent. Japan’s Nikkei was closed Monday due to a cultural holiday, while Hong Kong’s Hang Seng closed with a slight gain of 0.16 percent. Taiwan Weighted of Taiwan also recorded a gain of 0.23 percent.

Investors were seen being cautious before Reliance Industries and the US presidential elections and the interest rate decision of the Federal Reserve. Stock market sentiment was also affected by continuous selling by foreign investors. Foreign institutional investors (FIIs) sold equities worth Rs 211.93 crore on Friday, according to exchange data.

Foreign investors pulled out Rs 94,000 crore (about US$11.2 billion) from the Indian stock market in October, making it the worst month ever in terms of withdrawals. The higher valuation of domestic equities and attractive valuation of Chinese shares led to this withdrawal.

Brent crude, the global oil standard, rose 1.49 percent to $74.19 a barrel. Major stock exchanges BSE and NSE held a special one-hour ‘Muhurta Trading’ session on the occasion of Diwali on 1 November, marking the beginning of the new Samvat 2081. BSE’s benchmark index closed at 79,724.12, up 335.06 points, or 0.42 per cent, in the special Muhurat trading session on Friday. Nifty closed at 24,304.35, up 99 points or 0.41 per cent.