Indian benchmark indices faced pressure on October 28, closing lower as selling activity overshadowed market performance across most sectors, with the exception of metal and banking stocks. The market opened slightly down amid mixed global cues and, despite a brief recovery in the initial hour, the indices struggled to maintain momentum throughout the session. By the end of trading, the Sensex had dropped 150.68 points, or 0.18 percent, to close at 84,628.16, while the Nifty 50 fell 29.85 points, or 0.11 percent, settling at 25,936.20. BSE Midcap and smallcap indices ended the day nearly flat, reflecting a broader market sentiment.

Sector performance was mixed, with metal and PSU Bank indices rising by 1.2 percent each, contrasting sharply with declines in IT, pharma, FMCG, and realty sectors, which saw losses ranging from 0.5 to 1 percent. Among the top losers on the Nifty 50 were Bajaj Finserv, Trent, Coal India, Tech Mahindra, ONGC, and Nestle India. In contrast, JSW Steel, Tata Steel, SBI Life Insurance, L&T, and HDFC Life emerged as top gainers, highlighting a divergence in sector performance. Notably, Bata India shares plummeted nearly 7 percent due to a 73 percent decline in Q2 profit, while Indus Towers shares gained 3 percent after positive quarterly results.

Looking ahead, the market's outlook for October 29 remains cautiously optimistic, according to Rupak De, Senior Technical Analyst at LKP Securities. He noted that despite the volatility observed during the NSE's monthly F&O expiry day, the overall chart setup appears stable, with the Nifty trading above the 21EMA, indicating a sustained bullish bias. Additionally, nearly 160 stocks achieved 52-week highs, including notable names such as City Union Bank, Tata Steel, JSW Steel, and SBI Life Insurance, suggesting pockets of strength in the market despite broader challenges.