Sensex in red, down 667 points amid weak earnings

The Indian stock market opened flat on Friday as buying was seen in the auto, IT, financial services and PSU Bank sectors but soon slipped into red.

The Sensex opened at 80,139.30 after gaining 74.14 points or 0.09 per cent but by 11:30 am, it slipped into red reaching 79,397.85 points or losing 667.30 points (0.83%). Similarly, Nifty was trading at 24,137.20 or 262.20  points down (1.07%) at 11:30 am.

ITC, Axis Bank, Asian Paints, HCL Tech, Sun Pharma, Nestle India and ICICI Bank were the top gainers in the Sensex pack. IndusInd Bank, NTPC, Mahindra & Mahindra, JSW Steel, Tata Steel and L&T were the top losers.

ITC, Axis Bank, HCL Tech, Britannia, Asian Paints, Nestle India and Sun Pharma were the top gainers in the Nifty pack. IndusInd Bank, NTPC, Coal India, Shriram Finance and Mahindra & Mahindra were the top losers. The market trend remained mixed.

On the National Stock Exchange (NSE), 890 stocks were trading in the green, while 1084 stocks were trading in the red. The Nifty Bank was at 51,440.40 after slipping 90.75 points or 0.18 per cent. The Nifty Midcap 100 index was trading at 56, 216.90 after slipping 132.85 points or 0.24 per cent.

The Nifty Small cap 100 index was at 18,292.35 after rising 43.20 points or 0.24 per cent. In Asian markets, except Tokyo, the stock markets of Bangkok, Shanghai, Hong Kong, Jakarta and Seoul were trading in the green.

The US stock market closed in the red on the last trading day. According to market experts, with the massive, sustained and unprecedented selling by the FIIs, which has touched Rs 98,085 crore this month up to October 24, the "buy on dips strategy is not working".

They said the consensus downward revision in FY25 earnings estimate and the weak Q2 numbers have soured the sentiments to a slightly bearish mode. "The positive factor is the sustained flows into mutual funds that is helping DIIs absorb the massive FII selling," according to experts.

Foreign institutional investors (FIIs) sold equities worth Rs 5,062 crore on October 24, while domestic institutional investors bought equities worth Rs 3,620 crore on the same day.

(With inputs from IANS)