The sell-off was broad-based, with 23 out of 30 Sensex stocks and 40 out of 50 Nifty stocks ending the session in the red. The metal, pharmaceutical, and information technology (IT) sectors were the hardest hit, leading to significant losses across key sectoral indices on the NSE. Shares of major companies like Bharti Airtel, Sun Pharma, Tech Mahindra, and Infosys fell by up to 1.5%.
This downturn contrasts sharply with the market's performance on Wednesday, October 29, when the Sensex had rallied 368 points to close at a high of 84,997.
The bearish sentiment was fueled by persistent selling from Foreign Institutional Investors (FIIs). Data revealed that FIIs sold shares worth Rs.2,540 crore in the cash segment on October 29. However, Domestic Institutional Investors (DIIs) provided a counterbalance, making net purchases of a substantial Rs.5,693 crore on the same day.
Mixed cues from global markets also contributed to the volatility. While key Asian indices like Japan's Nikkei and South Korea's Kospi ended with modest gains, Hong Kong's Hang Seng and China's Shanghai Composite closed lower.
As the market grapples with this sharp correction, all eyes will be on institutional activity and global trends for further direction. The ongoing IPO of Orkla India Limited, open for subscription until October 31, will also be closely watched by investors.
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