The S&P BSE Sensex fell 111.70 points, or 0.13%, to 83,355.96 in early trade, while the NSE Nifty 50 slipped 40.50 points, or 0.16%, to 25,544.80.
On the 30-share Sensex, Eternal, HCL Technologies, Infosys, Power Grid, and Tech Mahindra were among the top laggards, slipping between 1% and 4%.
Broader markets were mixed, with the midcap index down 0.3%, while small-cap shares edged up 0.1%.
Among sectors, IT stocks led the decline, with the Nifty IT index falling 1.2% as Wipro and Infosys weighed on sentiment.
Wipro fell 4.4% after its second-quarter results missed Street expectations. Infosys dropped nearly 2% even as the company reported a 13% year-on-year rise in consolidated net profit to Rs 7,364 crore for the September quarter.Eternal shares sank 4% after the food delivery platform reported a 63% decline in consolidated net profit for the quarter ended September.Expert views
Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, said the market remains “resilient and technically strong,” with price action in leading stocks indicating short covering, noting that “even now there are big shorts in the system and the strength in the market might keep the bears on the back foot, facilitating further short covering.”
Vijayakumar said that strong quarterly results from major banks such as HDFC Bank and ICICI Bank could lend “fundamental support” to the market. “If RIL, which has been a laggard for some time now, also joins the rally, the market can sustain the momentum for some more time,” he said, adding that Muhurat trading and festive sentiment could further “add to the bullish spirits.”
However, Vijayakumar cautioned that certain global risks persist. “China has been imposing restrictions on exports of rare earth metals and magnets in recent days,” he said. “China’s weaponisation of rare earths, in which it has around 90% global market share, is in response to Trump’s weaponisation of tariffs. Unfortunately, if this lingers, it will hurt all nations, including India.”
Global Markets
Asian stocks fell on Friday, tracking overnight losses on Wall Street as signs of credit stress among U.S. regional banks rattled investor sentiment. Bonds extended their rally, while gold surged to a fresh record high as investors sought safety.
MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.9%, turning lower for the week. Japan’s Nikkei 225 lost 1%, weighed down by a sharp decline in banking stocks.
Taiwan’s benchmark slipped 0.9% despite a record quarterly profit and upbeat spending outlook from chipmaker TSMC on artificial intelligence.
Chinese blue chips and Hong Kong’s Hang Seng Index both fell 1.4%, adding to the region’s risk-off tone.
Gold touched an all-time high of $4,378 per ounce before easing on profit-taking, though it remains on track for a 7.6% weekly gain—its strongest since early 2020. Silver also climbed to a new record.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) continued their buying spree on October 16, purchasing equities worth a little over Rs 997 crore, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 4,076 crore.
