The Indian markets opened with a mixed sentiment today as the Nifty crossed 24,400 while the Sensex showed early gains. ITC saw a rise in its stock price. The Gift Nifty displayed volatile movements, marking the fourth straight day of losses for the Nifty index, which has declined by around 7 per cent in October.

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Market sentiment remains cautious, fueled by uncertainty around the upcoming U.S. presidential election on November 5th. Investors are watching closely, with concerns over the impact on sectors like IT, pharmaceuticals, and textiles. Corporate earnings for Q2 have also failed to impress, adding to the market's cautious stance.

ITC shares led the gains, jumping over 3.5 per cent after the company reported a strong Q2 FY25 performance, with revenue rising by 15.6 per cent YoY to Rs 22,282 crore. Other top gainers included Axis Bank, HCL Technologies, and Sun Pharma.

On the sectoral front, FMCG, IT, and Pharma sectors posted gains, while Nifty Auto, Metal, and Realty saw declines. Global markets remained mixed, with Wall Street gains boosting some Asian markets.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, observed, "A distinct change in the long-term market trend is discernible from the recent market movements. The overarching trend that took the Nifty from the COVID low of 7511 in March 2020 to above 26200 in September 2024 has been the ‘buy on dips’ strategy that worked well consistently. With the massive, sustained and unprecedented selling by the FIIs, which has touched Rs 98085 crores this month up to 24th, the buy on dips strategy is not working. More important, the consensus downward revision in FY25 earnings estimate and the weak Q2 numbers have soured the sentiments to slightly bearish mode. The positive factor is the sustained flows into mutual funds that is helping DIIs absorb the massive FII selling. This can provide resilience to the otherwise weak market where even after the 7% correction there is no valuation comfort, except in pockets like largecap financials. Growth stocks are likely to be more resilient in this market where value is hard to come by."