The decline in Nifty and Sensex on October 30 ended a two-day winning streak, mainly due to a drop in pharmaceutical stocks. Despite positive global market cues, such as the Nasdaq reaching a record high and gains in Asian markets, the benchmark indices opened lower.

At around 9:20 am, the Sensex was down 181.23 points, or 0.23 percent, at 80,187.80, while the Nifty fell 60.30 points, or 0.25 percent, to 24,406.50. Market breadth showed 1,775 shares advancing against 782 declining, with 108 remaining unchanged.

Analysts have observed that although recent sentiment has been negative, improved liquidity and a reduction in Foreign Institutional Investors (FIIs) selling have contributed to a slight recovery in market momentum. Kranthi Bathini, Director of Equity Strategy at WeallthMills Securities, has suggested that if the Nifty can maintain the 24,360 level, there is potential for a continued positive market strategy.