Fri Nov 01 13:59:40 UTC 2024: ## Indian Stock Market Closes Lower on October Expiry, Sensex and Nifty Fall

**Mumbai, October 31, 2023:** The Indian stock market ended the day in the red on Tuesday, with both the Sensex and Nifty indices closing lower, marking the expiry of October contracts. The benchmark Sensex shed 553.12 points or 0.69% to close at 79,389.06, while the Nifty closed at 24,205.35, down 135.50 points or 0.56%.

Selling pressure was witnessed across various sectors, particularly in IT, banking, and FMCG stocks. The Auto, Realty, and PSE indices also closed lower. On the other hand, the Pharma, Infrastructure, and Smallcap indices ended the session on a positive note.

Out of the 30 stocks comprising the Sensex, 22 witnessed selling pressure, while 36 out of 50 stocks on the Nifty ended the day in the red. Similarly, the Bank Nifty index saw selling in 9 out of its 12 constituents.

**Key Highlights:**

* **DII Investments:** Domestic institutional investors (DIIs) continued their bullish stance in the Indian equity market, investing over ₹1 lakh crore in October, setting a new record for monthly purchases. This comes at a time when foreign institutional investors (FIIs) have been persistently selling, withdrawing ₹85,000 crore ($11 billion) during the month.
* **Sectoral Outlook:** Market experts believe private banks, IT, pharma, telecom, consumer staples, and cement sectors could outperform in the coming months.
* **IPO News:** ACME Solar Holdings has finalized the price band for its upcoming IPO at ₹275-289 per share. The IPO will open for subscription on November 6 and close on November 8. The company aims to raise ₹2900 crore through this offering.
* **Swiggy IPO:** The anchor book for food delivery giant Swiggy’s ₹11,300 crore IPO has been oversubscribed by 25 times, with strong interest from both global and domestic investors.
* **Company Updates:**
* **DCM Shriram:** The company’s shares rallied over 10% today after reporting robust September quarter results for FY25.
* **L&T:** The engineering and construction giant’s strong Q2 earnings boosted its shares, leading to a 6% surge.
* **Cipla:** The pharmaceutical company saw a 7% jump in its shares after the US FDA did not take any action against its Goa plant.
* **Biocon:** The company reported weak Q2 results, with profit declining by 84%.
* **Tata Power:** The power company reported mixed Q2 results, with revenue lower than expected due to weak power demand, but EBITDA and profit exceeding expectations.

Market analysts advise investors to maintain a defensive approach and focus on picking selective stocks. With the Nifty struggling to cross the 24,500 resistance level, the market is expected to remain in consolidation mode unless a decisive breakout occurs.

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