Benchmark indices ended lower for the second consecutive session today with Nifty below 24,150.

At close, the Sensex was down 55.47 points or 0.07 per cent at 79,486.32, and the Nifty was down 51.15 points or 0.21 per cent at 24,148.20 .Equities ignored positive global markets after the US Federal Reserve cut its benchmark lending rate by a quarter percentage point.

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The BSE midcap index shed 1 per cent and smallcap index was down 1.6 per cent. Sharp selloff was seen in major large-cap stocks, These included Reliance Industries, ICICI Bank, State Bank of India, and Trent, weighed heavily on the frontline indices, causing them to end the session in the red.

The top gainers on Nifty were Mahindra & Mahindra (2.89 per cent), Titan Company (2.10 per cent), Tech Mahindra (1.84 per cent), Infosys (1.49 per cent), Nestle India (1.45 per cent). On the losing side were Trent (3.18 per cent), Coal India (2.60 per cent), Asian Paints (2.58 per cent), Tata Steel (2.24 per cent), Shriram Finance (2.03 per cent).

On Sensex, the gainers were Mahindra & Mahindra (3.09 per cent), Titan Company (2.13 per cent), Tech Mahindra (1.90 per cent), Nestle India (1.44 per cent), Infosys (1.31 per cent). On the other hand, the losers were Asian Paints (2.61 per cent), Tata Steel (2.22 per cent), State Bank of India (1.86 per cent), Tata Motors (1.72 per cent), Reliance Industries (1.66 per cent).

Among the sectors, IT index was up 0.7 per cent, while media, PSU Bank, metal, oil & gas, power declined 1-2 per cent.

Nifty Realty continued its bearish streak for the second consecutive day, closing nearly 3 per cent lower at 967.7. The Nifty Media index also dropped by 2.09 per cent, while the Nifty PSU Bank, Nifty Oil & Gas, Nifty Energy, and Nifty Metal all ended with losses exceeding 1 per cent. Among the individual performances, shares of Waaree Energies dropped over 10 per cent in the last two trading sessions amid fears of a decline in renewable energy exports to the United States.

Shares of Cochin Shipyard dropped 5 per cent after the higher costs dented the company’s Q2 margins. Trent, the retail player and Zudio operator reported its earnings for Q2 under expectations. This caused the Street to sell off shares of the Tata group firm prompting a 3.5 per cent fall.

IRCON International plunged 5 per cent on after the company announced dismal financial results for the quarter ended September 30. Further, the shares of Rail Vikas Nigam alos fell over 6 per cent after the quarterly results.

The US FED continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet. Consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs.