Indian equities experienced a notable downturn on Monday as foreign portfolio investors continued divesting from the market. Concerns over valuations, ongoing geopolitical tensions, and uncertainties surrounding the U.S. presidential election contributed to the market dip.
The S&P BSE Sensex fell by 850 points, or 1.1%, settling at 78,875 in the early trading session. Similarly, the NSE Nifty index dropped by 265 points, or 1.1%, positioning it at 24,038.
Key decliners included Reliance Industries, BPCL, Hero MotoCorp, and Bajaj Auto, each witnessing a 3-4% decline. DLF saw a 2.2% drop following their announcement of plans to invest ₹8,000 crores in a luxury project in Gurugram.
Sun Pharma faced a 3.1% drop after a preliminary injunction from the U.S. District Court of New Jersey halted the launch of the drug 'LEQSELVI'. Meanwhile, Zen Technologies fell by 1.7% despite posting strong Q2 performance. TVS Motor Company decreased by 2.6% even though it reported a 13% increase in monthly vehicle sales.
On a positive note, Mahindra & Mahindra saw a 2.4% surge after achieving record-high SUV sales in October. NMDC climbed 1.8% following the release of their iron ore production and sales data for October.
