India’s benchmark indices closed flat on Monday, as market sentiment remained subdued due to disappointing quarterly earnings and ongoing foreign outflows.
The Nifty slipped marginally by 0.03% to 24,141.3 points, while the Sensex edged up by just 0.01% to 79,496.15 points.
Despite the market’s indecision, Systematic Investment Plans (SIPs) showed resilience, with monthly contributions rising to Rs 25,323 crore in October from Rs 24,509 crore in September, reflecting sustained investor confidence in long-term market growth.
Among Nifty-listed companies, 19 stocks advanced, 30 declined, and one remained unchanged. Leading the gains were Power Grid, Trent, HCL Technologies, Infosys, and Tech Mahindra, while Asian Paints, Britannia, Apollo Hospitals, Cipla, and ONGC were among the top losers.
Shriram Subramanian, Founder and MD of InGovern Research Services, said: “Markets are sluggish with a downward bias as investors are coming to grips with poor Q2 results of companies. Asian Paints, as expected, tanked considerably due to its lackluster performance. The upcoming F&O regulation changes, which restrict expiry to a monthly basis starting November, have also made traders cautious.”
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that worse-than-expected earnings downgrades for FY25 are putting pressure on stock prices. FIIs may continue to sell and shift funds to the U.S., which has outperformed India this year. However, at some point, India’s valuations will become attractive, potentially triggering a short-term trend reversal,” he said.
Vijayakumar pointed out that weakness in Chinese stocks, following a disappointing stimulus package, could benefit Indian equities. “Investors should focus on segments where growth is robust, such as banking, telecom, and digital sectors. Additionally, a positive outlook for the U.S. market could support Indian IT stocks,” he said.
(With ANI input)
