Nifty

He underscores that the Nifty's performance is influenced by the underwhelming performance of banks, which carry substantial weightage within the index.

Vaibhav Vidwani, a Research Analyst at Bonanza Portfolio, highlighted the outperformance of sectors like Nifty Metal, Nifty Realty, and Nifty Pharma, exhibiting gains of 1.22%, 1.13%, and 1.03%, respectively.

The recent decision by the RBI to impose higher risk weights on credit card and unsecured loans is expected to immediately increase the capital requirements for banks and NBFCs.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, noted that the announcement of TCS's buyback at Rs 4,150 propelled Nifty IT to surge by 2.69%, making it one of the top-performing sectors for the day.

All sectors concluded the day in positive territory, with Realty, IT, and Auto emerging as the top performers.

Several factors contributed to this volatility, including the Israel-Palestine conflict and sharp FII outflows in the last two months, although these outflows were offset by stronger DII inflows.

Going forward, US Fed policy outcome, which is due on Wednesday, would provide cues to the market.

Mid-session recovery did not last for long as another round of selling especially in banks dragged the index much lower to settle at 19,079.60 with a loss of 61.30 points.

At close, Nifty was up 0.49 per cent or 93.7 points at 19140.9. Volumes on the NSE were the lowest since October 9, said Deepak Jasani, Head of Retail Research, HDFC Securities.

The other major factor impacting the markets -- the elevated US bond yields -- also will remain a short term concern since the Fed is likely to continue its hawkish stance in the light of the resilience of the US economy and inflation (3.7 per cent) remaining above the Fed’s target. So watch out for the Fed’s message on November 1 even while it holds the rate as the market expects, he said.