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Nifty and Sensex decline as IT stocks drag down market sentiment

Benchmark indices Nifty and Sensex fell further into negative territory on October 31, driven by a sharp decline in IT stocks and weak global cues, particularly disappointing US economic data. At noon, the Sensex was down 424.10 points (0.53%) at 79,518.08, while the Nifty dropped 104.50 points (0.43%) to 24,236.30. Despite this, Nifty Pharma and Healthcare gained over a percent, with Cipla, L&T, and ONGC emerging as key gainers. The broader market showed mixed results, with midcaps slipping and smallcaps rising nearly one percent.

ONGC leads bid to acquire majority stake in Ayana Renewable Power

ONGC has emerged as the leading contender to acquire a majority stake in Ayana Renewable Power, which is backed by the National Investment and Infrastructure Fund (NIIF). This move aligns with ONGC's strategy to prioritize de-carbonization and transition to cleaner energy sources, surpassing rival bidder JSW Neo Energy. While discussions are ongoing, the outcome remains uncertain.
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