Nifty and Sensex experienced a consecutive decline for the second session on October 31 due to weak global cues, particularly from the US economy, which showed slower-than-expected growth.

At around 9:20 a.m., the Sensex dropped by 87.90 points, or 0.11 percent, to 79,854.28, while the Nifty decreased by 10.60 points, or 0.04 percent, to 24,330.20.

Market breadth indicated that 1,323 shares advanced, 982 declined, and 103 remained unchanged. Pharma stocks, including CIPLA, L&T, Dr. Reddy's, Hero MotoCorp, and SBI Life Insurance, showed resilience and emerged as the top gainers on the Nifty.

Analysts believe that market sentiment will remain negative until foreign institutional investors reduce their selling activities. Despite domestic investors actively buying on dips, overall market sentiment has not shifted, as stated by Ruchit Jain, an analyst at 5paisa.