#Market Updates After Closing..

The Sensex and Nifty ended in the red on October 23, pulling back after climbing nearly half a percent earlier in the session. Gains in IT stocks, led by strong earnings from Persistent Systems and Coforge, were offset by losses in the auto and construction sectors, which dragged the Nifty 50 into negative territory.

At close, the Sensex was down 138 points or 0.2 percent at 80,081, and the Nifty was down 37 points at 24,434. About 2,117 shares advanced, 1,647 shares declined, and 99 shares remained unchanged.

The benchmark's struggle to sustain its gains is rooted in a mix of global and domestic challenges. Ongoing geopolitical tensions in the Middle East, concerns over Foreign Institutional Investors (FIIs) pulling out funds due to China's stimulus measures, and jitters surrounding the upcoming US presidential election have all contributed to market anxiety. Domestically, Q2 earnings have also shown signs of a slowdown, adding to the pressure.

Goldman Sachs lowered Indian equities to 'Neutral' from 'Overweight' as the country's slowing economic growth weighs on corporate earnings, amid record foreign outflows from domestic markets.

Nifty IT bucked the broader market trend and climbed 2.5 percent driven by Persistent Systems and Coforge. Both stocks soared over 11 percent after delivering robust Q2 FY25 results.

After the recent decline, the midcap and smallcap space experienced bargain buying in today's session. The BSE Midcap index advanced 0.5 percent and the BSE Smallcap index rose 1 percent.

On the Nifty 50, Bajaj Finance, Tech Mahindra, Tata Consumer, Bajaj Auto, and Bajaj Finserv led the charge, gaining between 1-5 percent. In contrast, M&M, Sun Pharmaceutical, Eicher Motors, Shriram Finance, and Power Grid were the top losers, slipping 2-3 percent.

Bajaj Finance was in focus throughout the session, emerging as the top gainer on the Nifty 50. The stock surged 5 percent after the company announced a 13 percent year-on-year rise in consolidated net profit, reaching Rs 4,014 crore for Q2 FY25.

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