The Indian stock market's recent winning streak came to a halt on Tuesday, with benchmark indices ending sharply lower amid a broad-based sell-off. Profit-taking after a sustained rally and cautious global cues led to a decline across most sectors, pulling the Nifty 50 below the crucial 25,600 mark to a two-week low.
The S&P BSE Sensex tumbled 519.34 points (0.62%) to close at 83,459.15. The NSE Nifty 50 also saw a significant drop, falling 165.70 points (0.64%) to end the day at 25,597.65.
Key Market Highlights
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Sensex: Closed at 83,459.15, down by 519 points.
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Nifty 50: Ended the session below the 25,600 level.
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Market Sentiment: The mood on Dalal Street turned bearish, with selling pressure witnessed across most sectors. The market breadth was negative, with about 2,439 shares declining and only 1,543 advancing on the BSE.
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Broader Markets: The broader markets also faced selling pressure, with the BSE Midcap and Smallcap indices falling by 0.2% and 0.7%, respectively.
Top Gainers and Losers
Gains in a few consumer and financial names were not enough to offset the widespread losses, particularly in the auto and power sectors.
| Top Gainers |
Top Losers |
| Titan Company (+2.3%) |
Power Grid Corporation (-3.0%) |
| Bharti Airtel (+1.7%) |
Eternal Ltd. (Zomato) (-2.8%) |
| Bajaj Finance (+1.1%) |
Adani Enterprises (-2.7%) |
| Mahindra & Mahindra (+1.0%) |
Tata Motors Passenger Vehicles (-2.4%) |
| HDFC Life (+0.9%) |
Bajaj Auto (-2.2%) |
Sectoral Performance
It was a day of broad-based declines, with only the consumer durables and telecom sectors managing to end in the green.
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Top Losers: The Nifty IT, Nifty Metal, Nifty Power, Nifty Realty, and Nifty PSU Bank indices were the biggest laggards, each falling by 0.5% to 1%. The Auto and FMCG sectors also saw significant selling pressure.
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Top Gainers: The Nifty Consumer Durables and Nifty Telecom indices were the only sectoral gainers, supported by strong earnings from Titan and Bharti Airtel.
Busiest Day of the Q2 Earnings Season
Today was a blockbuster day for corporate earnings, with several heavyweights, including five Nifty 50 companies, announcing their results for the September quarter.
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State Bank of India (SBI): India's largest lender reported a 10% year-on-year (YoY) rise in its standalone net profit. The bank's Net Interest Income (NII) grew by 3.28% YoY to ₹42,984 crore, although its Net Interest Margin (NIM) softened slightly to 3.09%.
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Mahindra & Mahindra (M&M): The auto and farm equipment major posted a strong 28% YoY increase in its consolidated net profit to ₹3,673 crore. The company's revenue also grew by 22% to ₹46,106 crore.
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Bharti Airtel: Reacting to its results announced after market hours on Monday, the telecom giant's stock rose nearly 2%. The company had reported an 89% YoY jump in its net profit to ₹6,792 crore.
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Titan Company: The jewellery and watch retailer was the top Nifty gainer, rising 2.3% after reporting a 46% YoY surge in its Q2 operating profit (EBITDA) to ₹1,987 crore, with revenue growing by 28.5%.
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InterGlobe Aviation (IndiGo): The airline reported a widening of its net loss for the second quarter.
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Hitachi Energy India: The company's stock was a standout performer in the mid-cap space, surging over 13% after its net profit for the September quarter skyrocketed by over 5 times (405%) to ₹264 crore.
Major News and Market Happenings
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Profit-Booking After Rally: The primary reason for the market's fall was widespread profit-booking after a sharp rally in October. The Nifty 50 had gained over 5% last month, its best monthly performance since March.
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Market Holiday: The Indian stock markets (NSE and BSE) will be closed on Wednesday, November 5, for the Diwali-Balipratipada holiday.
Frequently Asked Questions (FAQs)
Why did the market fall today?
The market fell due to broad-based profit-taking after a strong rally in October. Selling was seen across most sectors, particularly IT, metals, and auto, which dragged the benchmark indices to a two-week low.
What were the key Q2 earnings announced today?
It was a very busy earnings day. SBI reported a 10% rise in its quarterly profit, while M&M posted a strong 28% growth in its bottom line. Titan's strong earnings led to a rally in its stock, while IndiGo's net loss widened.
Which sector was the top performer?
The Nifty Consumer Durables index was a notable gainer, driven by a strong rally in Titan Company after its impressive Q2 results. The telecom sector also ended in the green.