On October 25, the Sensex and Nifty opened flat but quickly turned negative, driven by an 18% drop in IndusInd Bank shares. The bank's stock took a hit after reporting a significant 40% decline in Q2FY25 net profit, which fell to ₹1,331 crore due to increased loan loss provisions.
IndusInd Bank emerged as the biggest loser on the Nifty 50 index, while ITC shares showed a different trend, rising over 4% after the company posted strong Q2 results, boosted by higher cigarette sales and a thriving hotel business.
By 10:15 AM, the Sensex had declined by 390 points (0.5%) to 79,672, and the Nifty was down 160 points (0.7%) at 24,235. Out of 2,966 stocks traded, 741 were in the green while 2,112 were in the red.
Market experts caution that the pressure may persist, with expectations of the Nifty potentially dropping another 3-5% amid ongoing selling by Foreign Institutional Investors (FIIs). This week, both indices have already registered losses, with the Sensex down 1.8% and the Nifty declining 1.4%. This marks their fourth consecutive weekly loss, the longest streak since August 2023.
In the broader market, the BSE Midcap and Smallcap indices also experienced nearly 2% declines. Analysts noted that small-cap earnings have not kept pace with their high valuations, signaling the potential for further declines.
Among sectors, the Nifty Bank, Auto, PSU Bank, and Metal indices all saw losses of 1.5-2.5%.
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