Stock Market Today: Sensex Slips 114 Points, Nifty at 24,786

FPIs pull out $2.7 billion in September, but IPO momentum stays strong with ₹2.7 lakh crore in the pipeline

The Indian stock market trades with mixed signals at the time of writing. Benchmark indices slip slightly in the early and mid-session as financial stocks face selling pressure, while some other sectors and mid-cap counters show resilience. Market activity reflects caution, with investors keeping a close watch on foreign flows, government policies, and global events.

Sensex and Nifty Movement

The Nifty 50 trades around 24,786.7, down nearly 0.19 percent. The BSE Sensex hovers near 80,865, lower by about 0.14 percent. Earlier in the session, the Nifty dipped below 24,800 and the Sensex fell more than 170 points.

Broader markets behave differently. Mid-cap and small-cap shares show some strength and manage to balance the pressure coming from large-cap financial stocks. This mixed performance keeps overall sentiment neutral, though not strongly negative.

Financials Drag Down the Market

Financial stocks are the biggest drag today. The sector falls about 0.4 percent as investors book profits after a strong rally earlier in the week. Earlier, banking shares had gained sharply, rising nearly 1.4 percent, after the Reserve Bank of India relaxed certain lending rules for large companies and the capital markets.

The latest decline shows that investors are cautious, locking in profits instead of extending positions in banking names. This profit-taking keeps benchmarks under pressure through the session.

Foreign Investors Pull Out

Foreign Portfolio Investors (FPIs) continue to sell Indian shares. In September alone, net outflows stand at around 2.7 billion dollars. Since the start of the year, FPIs have withdrawn nearly 17.6 billion dollars from Indian markets.

This level of foreign selling raises concern about market stability. Unless domestic retail investors and mutual funds provide strong buying support, heavy foreign outflows can make indices vulnerable to deeper declines.

IPOs Continue to Attract Strong Interest

Despite the selling in secondary markets, the primary market remains full of energy. More than 170 companies are in line to raise money through initial public offerings. Together, these IPOs could mobilize as much as ₹2.7 trillion.

Retail participation in IPOs continues to be strong. Investors see new listings as opportunities for quick gains or long-term growth stories. This strong primary market momentum provides some balance against the weakness in listed stocks.

Technical Picture of the Market

On the technical side, the Nifty 50 continues to move in a range between 24,600 and 25,000. Analysts highlight 24,400 as an important support level. If the index falls below this mark, it may invite sharper declines. On the upside, crossing 25,000 decisively will be necessary for the next round of gains.

The movement shows that markets are currently trapped in a tight band, with no clear breakout. Traders remain cautious, waiting for either strong domestic triggers or global cues to push the index in a firm direction.

Global and Macro Cues

Global markets remain uncertain, with worries over monetary tightening, trade frictions, and US economic signals. These global concerns spill over into Indian markets, even though local fundamentals remain relatively strong.

Domestically, important macro indicators such as inflation, credit growth, and government spending are being closely monitored. The Reserve Bank of India’s stance in upcoming policy reviews will also play a key role in guiding the near-term outlook.

Notable Stock Moves

Some individual stocks make notable moves today. PC Jeweller rises nearly 4 percent on the back of a strong second-quarter performance. Axis Bank gains about 2 percent after global brokerage Morgan Stanley reiterates its “overweight” rating and raises its target price.

Public sector banks continue to attract investor attention. State Bank of India (SBI) remains a top pick among these names, supported by expectations of steady earnings and government backing.

Outside banking, several Gujarat-based state PSUs outperform strongly in the first half of the current financial year. Firms such as GSFC, Gujarat Gas, GSPL, and GMDC deliver returns well above the Sensex and Nifty. GMDC, in particular, has seen its share price surge by nearly 125 percent in the past six months, making it one of the standout performers.

Growing Retail Awareness but Low Participation

A recent SEBI survey highlights a significant gap in investor participation. Around 63 percent of Indian households are aware of stock market investing, but only 9.5 percent actually invest.

This shows that while awareness has spread widely, actual participation remains low. For long-term market growth, increasing the participation of retail households in equity markets will be important.

Resilience and IPO-Driven Strength

Even with global volatility, Indian markets show resilience. Domestic flows, retail investors, and the strength of the IPO pipeline help cushion against global shocks. Many analysts describe this as a form of “decoupling,” where Indian equities move more on local factors than global ones.

The active primary market also ensures that capital continues to flow into companies. The ability to raise money even in a weak secondary market shows strong confidence in the long-term India growth story.

Key Risks Ahead

Risks, however, remain visible. Continued foreign selling can outweigh domestic inflows if global markets weaken further. The upcoming corporate results season also carries weight, as earnings disappointments could pressure valuations.

Unexpected policy moves by the Reserve Bank of India or regulatory shifts by SEBI could also unsettle markets. Global shocks such as higher oil prices or worsening trade tensions remain potential threats. Finally, from a technical point of view, any fall below the 24,400 mark on the Nifty may trigger a faster decline.

Outlook for the Near and Medium Term

For now, Indian stock markets are expected to trade in a range, with cautious sentiment. The bias remains slightly on the downside unless there are strong positive triggers from either earnings or global cues.

In the medium term, however, the strong IPO pipeline, increasing retail involvement, and solid domestic macro fundamentals may keep Indian equities attractive. If foreign flows stabilize, benchmarks could regain upward momentum. Until then, volatility and range-bound trade are likely to dominate sessions.