Benchmark indices Nifty and Sensex closed lower on October 31 due to declines in IT and FMCG stocks. October has been the weakest month for the markets in over four years.

The Sensex fell by 553.12 points, or 0.69 percent, to settle at 79,389.06, while the Nifty dropped 135.50 points, or 0.56 percent, to 24,205.30. The downturn is attributed to factors such as a resurgence in China's markets, a shift in foreign institutional investors (FIIs) favoring Chinese assets over Indian ones, and escalating geopolitical tensions in the Middle East. FIIs have sold more than Rs 1 lakh crore in October alone. Despite efforts from domestic investors to mitigate this selling trend, market experts indicate that these measures have not been sufficient to change the prevailing sentiment.

CIPLA, however, saw a notable surge of up to 10 percent amidst the broader market decline.