Nifty and Sensex decline as IT stocks drag down market sentiment

On October 31, the stock market experienced a significant decline, with IT stocks leading the way down due to weak global cues and disappointing US economic data.

At noon, the Sensex fell by 424.10 points, or 0.53 percent, settling at 79,518.08, while the Nifty dropped 104.50 points, or 0.43 percent, to 24,236.30.

Despite the overall negative sentiment, the Nifty Pharma and Healthcare sectors managed to remain resilient, rising over one percent in the afternoon. Some of the key gainers in the Nifty were CIPLA, L&T, and ONGC.

Market breadth showed mixed results, with 2,211 shares advancing against 1,108 declining, and 91 remaining unchanged. The broader market reflected a varied performance, with mid-cap stocks slipping by half a percent and small-cap indices gaining nearly one percent, outperforming the main indices.

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