On Thursday, the Sensex opened at 80,095.84, up 13.86 points, while the Nifty fell 5.20 points to start at 24,430.30.

Trent, HDFC Bank, Sunpharma, HCL Tech, and Adani Ports were among the top-performing stocks on the Nifty index. However, among the biggest losses were Britannia Industries, Tata Consumers, SBI Life, and Hindalco.

“The market is currently facing a significant headwind in the form of massive, unprecedented, and sustained FII selling, which has reached Rs 93088 crores through October 23rd, according to NSDL data,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The high valuations in India and the comparatively low and alluring values in markets like China and Hong Kong are the primary causes of the FII outflows. The news of a downturn in corporate profits is aggravating the FII selling.

“As anticipated, yesterday’s upswings were brief. The approach to 24650 the neckline prompted rejection trades and put the Nifty back on the 24200-23900 trajectory,” said Anand James, Chief Market Strategist at Geojit Financial Services. Even while oscillators are still oversold in short-term periodicities, the extended wick of this instrument, particularly after multiple days of losses, suggests a reasonable chance of recovery efforts once again. The first range to be on the lookout for while riding directional movements is 24370–507, with the goal of 24720–800 on the upside or 24260–200–23900 on the downside.