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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 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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