Indian equities faced a significant downturn, with the Nifty opening below 24,450 and the Sensex dropping 100 points, as M&M Financial fell 6%. The market trend has shifted to a sell-on-rise strategy, with expectations of further corrections, particularly in mid and smallcaps, while largecaps, especially banking stocks, are likely to remain strong amid FII selling and DII buying. Investors are advised to be cautious and await the US presidential election outcomes, which may influence market dynamics.