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Nifty Declines as FII Selling Hits Record Levels in October
Nifty dropped below 24,200 on the last day of Samvat 2080, marking its worst month since March 2020 with a 6% decline in October. Foreign institutional investors (FIIs) have sold over ₹1 lakh crore, contributing to a 2,000-point correction from record highs. While midcaps faced pressure, smallcaps performed well, with pharma and media sectors remaining in the green.
The festive spirit is dampened as the Nifty index experiences a significant drop, sliding below 24,350, with the Sensex down 450 points. Despite this decline, smallcaps outperform with a strong advance-decline ratio of 3:1 on the NSE, while FMCG emerges as the top sectoral gainer. In contrast, banks, IT, and pharma sectors face pressure.
Nifty Faces Volatility as Banks Gain and FMCG Stocks Decline
Nifty tested 24,400 amid market volatility but closed off the day's low, with broader markets facing selling pressure. The NSE advance-decline ratio stood at 2:3, with FMCG, realty, and autos lagging, while banks and pharma gained. Key gainers included Ultratech, Shriram Fin, and SBI, while HUL and Hindalco were among the notable losers.
Nifty and Sensex decline as midcaps outperform amid mixed sector performance
Nifty and Sensex have erased early gains, with Nifty failing to hold above 24,500, while the smallcap index rose by 1%. IT and FMCG sectors showed gains, but autos, pharma, and metals lagged behind. Key gainers included Bajaj Finance and Tech Mahindra, while M&M and Sun Pharma were among the top losers.
Nifty has experienced a sharp selloff, plunging below 24,500, with mid and small-cap stocks suffering significant losses of over 2-4%. All sectors are in the red, led by PSU banks and realty, as the NSE advance-decline ratio stands at a dismal 1:11. The PSU Bank index has dropped over 4%, while realty has fallen more than 3%.
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