Fri Nov 01 13:10:00 UTC 2024: ## Indian Stock Market Closes Lower for Second Straight Day, Global Uncertainty Weighs

**Mumbai, India -** The Indian stock market continued its downward trend on Thursday, ending lower for the second consecutive session, driven by weak global market sentiment. The benchmark Nifty 50 index lost 135 points, closing at 24,205, while the BSE Sensex dropped 553 points to end at 79,389. The Nifty Bank index also saw a significant decline, closing 251 points lower at 51,555.

Global markets were mostly down on Thursday as investors grappled with uncertainty ahead of the US elections next week. Warnings from tech giants Meta Platforms and Microsoft about rising AI costs further dampened sentiment. Europe’s benchmark index also fell, on track for its worst monthly performance in a year.

Despite the overall market weakness, the small-cap index saw a 1.6% increase, with the advance-decline ratio standing at 1.82:1. Cash market volumes remained steady, suggesting no significant conviction from either buyers or sellers.

Analysts attributed the market’s current state to a confluence of factors. Rajesh Bhosale, Equity Technical Analyst at Angel One, pointed to October’s challenging month for bulls, erasing gains made over the previous two months, with the Nifty dropping more than 6% – one of the steepest monthly declines in recent times. He emphasized the need for a strong close above the 24,500 – 24,600 resistance zone before considering aggressive positions. A breach below the 24,100 – 24,000 support range, however, could trigger further weakness, possibly pulling prices towards the 200 SMA near 23,500.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, highlighted the continued weakness in the Bank Nifty, which opened with a gap-down and faced pressure throughout the day. The index closed at 51,475, with short-term support expected between 51,000 and 51,150. Resistance is seen near the previous swing high at 52,580.

Looking ahead, Siddhartha Khemka, Head – Research, Wealth Management at Motilal Oswal, expects the range-bound market to continue with increased volatility. This week will be particularly eventful, with several index heavyweights, including Titan, Dr Reddy’s, Tata Steel, and SBI, set to announce their quarterly results. Globally, the US presidential polls on November 5th and upcoming interest rate decisions by the US Fed and BOE will keep investors engaged.

Stock market experts Sumeet Bagadia and Ganesh Dongre recommended five shares for potential buying opportunities: Crisil, Fortis Healthcare, Natco Pharma, Chambal Fertilizers, and Sun Pharma. They highlighted technical indicators and potential price targets for each stock.

**Disclaimer:** The views and recommendations provided in this article are those of individual analysts or broking companies and not of Mint. Investors should consult with certified experts before making any investment decisions.

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