(Photo : BT Creative)

• The Indian stock market opened in the red on Tuesday, with the Sensex and Nifty experiencing drops.
• Despite the initial downturn, the market trend remained mixed with 635 stocks trading in the green on the NSE.
• Market experts note that the decline in FII selling bodes well, but selling may continue due to concerns over premium valuations.
• The market's future performance will be influenced by factors including corporate earnings, consumer demand, geopolitical events, and investor sentiment.

The Indian stock market opened in the red on Tuesday, following a robust start to the Diwali week. The Sensex was trading at 79,660.76, a drop of 344.28 points or 0.43 per cent, while the Nifty was trading at 24,257.70, after falling 81.45 points or 0.03 per cent in the opening trade.

This downturn was primarily driven by selling in auto, IT, financial services, and pharma sectors. Despite the red opening, the market trend remained mixed. On the National Stock Exchange (NSE), 635 stocks were trading in the green, while 405 stocks were trading in the red.

The Nifty Bank was at 51,404.35 after rising 145.05 points or 0.28 per cent. The Nifty Midcap 100 index was trading at 55,728.40 level after slipping 8.20 points or 0.01 per cent. Meanwhile, the Nifty Small cap 100 index was at 18,065.00 after gaining 2.70 points or 0.01 per cent.

Among the top gainers in the Sensex pack were NTPC, ICICI Bank, L&T and SBI Bank, while Bharti Airtel, M&M, Bajaj Finserv, Infosys and Axis Bank were the top losers.

Market Performance and Investor Sentiment

In the Nifty pack, NTPC, Eicher Motors, BHEL, ICICI Bank and Coal India were the top gainers, while M&M, Bharti Airtel, Axis Bank, Shriram Finance and HDFC Life were the top losers. In the Asian markets, Bangkok, Hong Kong and Tokyo were trading in green, while the markets of Shanghai, Jakarta and Seoul were trading in red. The US stock market closed on the green mark on the last trading day.

Market experts have noted that the decline in the intensity of FII selling bodes well for the market. However, FIIs may continue to sell since the premium valuations of the Indian market are being questioned now in the context of concerns regarding FY25 growth and weakness in urban consumption.

On October 28, Foreign institutional investors (FIIs) sold equities worth Rs 3,228 crore, while domestic institutional investors bought equities worth Rs 1,401 crore.

Future Market Trends and Predictions

On Monday, Indian stock markets experienced a significant rebound, with the Sensex surging by 602 points, closing at 80,005, and the Nifty climbing 158 points to settle at 24,339. The benchmark indices had recorded the best session in one month.

In other news, Swiggy, the Indian food delivery major, has filed a red herring prospectus with the Registrar of Companies (ROC) on October 28. The company has decided to open its maiden public issue for subscription on November 6, which will close on November 8.

Overseas investors remained net sellers of Indian equities for the 21st consecutive session on Monday, while domestic institutional investors stayed net buyers for the 25th straight session. FII data reveals which sectors are favored by foreign investors, helping local investors identify potential growth areas.