Foreign institutional investors have been selling their holdings in Indian markets for the past 18 sessions, redirecting their attention to China due to stimulus measures and more attractive valuations. This shift has resulted in a lackluster performance in Indian indices, with the Sensex and Nifty showing minimal movement around noon on October 24.

The Sensex was down 43 points, or 0.05 percent, at 80,038, while the Nifty fell by 28 points, or 0.1 percent, to 24,407. The FMCG and oil & gas sectors had a negative impact on the indices, although financial stocks attempted to drive a recovery. Market breadth indicated that 1,528 shares advanced, 1,712 declined, and 99 remained unchanged. In the broader market, the BSE Midcap index increased by 0.2 percent, while the BSE Smallcap index remained unchanged.

The Nifty has seen a decline of nearly 2 percent over the last three sessions and is down 7 percent since reaching a record high on September 27. This decline has been attributed to foreign selling and disappointing earnings reports from various sectors.