FINAL TRADE: Nifty rebounds above 24,000; RIL, HDFC Bank, ICICI Bank dip

The stock market showed signs of recovery as the Nifty regained the 24,000 mark after hitting session lows, nevertheless at the close Nifty ended below 24,000 levels, down 1.27 per cent or 309 points at 23,995.35, while the BSE 30-share Sensex settled 1.18 per cent or 942 points at 78,782.24 points.

The broader markets in a highly choppy session also ended sharply lower, with the Nifty Smallcap 100 index plummeting nearly 2 per cent at the close.

From the Nifty pack, top gainers included stocks like M&M, Tech Mahindra, Cipla, SBI and Dr. Reddy's Laboratories, while the laggards were Hero MotoCorp, Grasim Industries, Bajaj Auto, Adani Ports and BPCL.

M&M stock ended higher after sales beat in October led by record tractor and Electric vehicle sales.

Also, Dr. Reddy's Laboraties stock ahead of its Q2 results tomorrow ended with mild gains at Rs 1,269.95 per share on the BSE.

Sectorally, it was a sea of red with the Realty, Oil and Gas and Media indices ending over 1 per cent each. Notably, in Samvat 2080, the Realty pack turned out to be the top performer with a returrn of 63 per cent.

Market breadth remained negative, with 2,717 stocks declining as against 1,351 advances on the BSE. A total of 4,199 stocks were traded and 131 held steady. 

Vinod Nair, Head of Research, Geojit Financial Services said, "As expected, India is underperforming its global peers due to excess valuation. The ongoing selloff has deepened by weak Q2 earnings, dampening investor sentiment."

Continued volatility is anticipated in the short-term, as attention shifts to the closely contested US presidential election. Additionally, key economic events, such as the US Fed and BoE policy decisions, will be critical in shaping market movements, added Nair.

Meanwhile, as the focus remains on the US elections, the European markets traded mixed, with the London's FTSE and French CAC indices in the green, while German DAX was in the red.