On 17th October, benchmark indices faced a broad-based selloff, pushing the Nifty 50 below key support levels to close at a two-month low. 41 of the 50 Nifty stocks ended in the red.

The Sensex fell 494.75 points to close at 81,006.61, while the Nifty dropped 221.45 points to 24,749.85. The Nifty Midcap 100 Index declined by nearly 2%, losing 985.90 points to end at 58,465.95, and the Nifty Bank fell 512.25 points to close at 51,288.80.

The auto sector was hit hard, led by Bajaj Auto’s cautious commentary on festive demand. Bajaj Auto saw its largest single-day fall in nearly four years, raising concerns about demand and margins across the auto stocks.

Nestle shares fell 3% after weaker-than-expected Q2 results, while IT stocks like Tech Mahindra and Infosys gained ahead of their earnings announcements.

Mphasis surged 6% on better-than-expected Q2 performance, and Nalco rose 4%, supported by strong earnings from Alcoa. Central Bank and CRISIL were up 3% due to solid quarterly results.

Havells saw its largest drop in three years as margins missed estimates. SRF declined 2% after UBS downgraded it to ‘Sell,’ citing demand concerns. Kolte Patil jumped 7% on strong Q2 performance, while Tata Communications dropped 5% following disappointing Q2 earnings.

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