Sensex tumbles over 590 points amid declining Fed rate cut hopes — 10 key highlights from the Indian stock market today

Stock Market Today: The Indian stock market continued its one-step-forward, one-step-back trajectory, with the benchmark indices experiencing a sharp pullback in trade on Thursday, October 30.

Diminishing hopes of a rate cut by the US Federal Reserve and weakness in the global markets rubbed off on investor sentiment back home.

BSE Sensex shed 593 points or 0.70% to end at 84,404. Its NSE counterpart, Nifty 50, settled the day at 25,878, down 176 points or 0.68%.

The broader markets outperformed, with the BSE Midcap index unchanged and the BSE Smallcap index shedding 0.06%.

10 key highlights from stock market today

Here are 10 key highlights from today's trading session:

1. Why did Sensex, Nifty fall today?

While the US Fed cut rates by 25 bps as expected, a cautious tone by chair Jerome Powell, hinting that it could be the last such reduction for 2025, derailed market sentiment.

Vinod Nair, Head of Research, Geojit Investments, said as expected, the U.S. Fed cut interest rates by 25 bps. However, the market consolidated after Powell indicated that this might be the last rate cut of 2025, tempering hopes of further monetary easing, he opined.

"The resulting strength in the U.S. dollar contributed to a risk-off sentiment across emerging markets, including India. Domestically, mixed Q2 earnings and the F&O expiry led to market volatility. Meanwhile, investors remain watchful of the Trump–Xi trade negotiations, as the prevailing uncertainty around the discussions continues to keep market sentiment cautious," he added.

2. Top Nifty 50 gainers

Only 10 Nifty 50 stocks closed in the green. PSU stock Coal India was the best performer as it rose 1.58% following its Q2 results a day ago. L&T, Hindalco, BHEL and Nestle India were among the other top gainers.

3. Top Nifty 50 losers

40 Nifty stocks settled with cuts, among which pharma stocks Dr Reddy's Labs and Cipla, down 3.79% and 2.54%, respectively, were the top losers.

HDFC Life, IndiGo and Bharti Airtel also ended deep in the red, shedding up to 1.50%.

4. Most active stocks

Vodafone Idea remained the most traded stock on the NSE in volume terms as over 241 crore shares of the telecom company changed hands. Sagility India, Canara Bank, Suzlon and YES Bank also witnessed high volumes between 8 crore and 55 crore in trade today.

5. Six stocks rise over 10%

On NSE, six stocks rallied over 10% today. Keynote Financial Services, and Eurotex Industries and Exports were the top gainers, surging 20% each. Associated Alcohols & Breweries, South West Pinnacle Exploration, Sarthak Metals and Kellton Tech were among other lead gainers, which jumped up to 15.9% today.

6. Four stocks fall over 10%

OCCL Limited emerged as the top loser on NSE today, crashing 19.27%. It was followed by Ixigo, which shed 16.5% following its Q2 results announcement a day prior. Delphi World Money RE shares and Zim Laboratories also declined over 10% today.

7. 78 stocks hit 52-week highs

Seventy-eight Nifty 50 stocks touched 52-week high levels on NSE today, with some of the prominent names like AB Capital, Canara Bank, Federal Bank, Hindalco, Indian Bank, L&T, SBI, Sagility and Polycab appearing on the list.

8. 39 stocks at 52-week lows

According to exchange data, 39 stocks plumbed 52-week lows in trade. 5Paisa, Apollo Pipes, Ishan International and Tejas Network, among others, appeared on the list of stocks at a one-year low.

9. Advance-decline ratio favours sellers

On NSE, the advance-decline ratio favoured sellers as 1321 stocks gained, 1748 declined, and 109 were unchanged.

10. Nifty 50: Technical outlook

Rupak De, Senior Technical Analyst at LKP Securities, said, "Bears remained at the helm as Nifty bulls stayed on the sidelines following a slightly less dovish Fed commentary. Though the short-term trend remains up, with the index trading well above its short-term moving average, a minor extension of the correction cannot be ruled out. On Friday, if Nifty sustains below 25,900–25,950, it may test 25,800 or lower. On the other hand, a decisive move above 25,950 could provide much-needed strength to the bulls."

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.