The Indian stock market fell on October three after a long weekend, following weak global cues and widespread selling.

The benchmark Sensex index ended down 316.31 points, or 0.48%, at 65,512.10, while the Nifty index fell 109.50 points, or 0.56%, to 19,528.80.

The market opened lower and extended its losses throughout the day, with the Nifty slipping below 19,500. Buying in capital goods and PSU banking stocks narrowed the losses in the second half.

ONGC, Eicher Motors, Hindalco Industries, Maruti Suzuki, and Dr Reddy”s Laboratories were among the top losers on the Nifty. The gainers included Titan Company, Bajaj Finance, L&T, Bajaj Finserv, and Adani Ports.

Among sectors, FMCG, auto, power, metal, and oil & gas were down 0.5-1%. The PSU bank index gained 2.3% and the capital goods index gained 1%.

The BSE midcap index ended flat, while the smallcap index rose 0.6%.

More than 250 stocks touched their 52-week high on the BSE, including JSW Energy, BL Kashyap And Sons, PNB Housing Finance, L&T, Union Bank Of India, Jyothy Labs, GPT Infraprojects, DB Corp, Canara Bank, Torrent Power, and Zomato.

Analysts said the Indian market was dragged down by weak global cues, with Asian markets falling sharply on concerns of rising interest rates and a potential recession in the US. There was also widespread selling in the Indian market, with many investors booking profits after the recent rally.

Despite the fall, analysts said the Indian market remains fundamentally strong and is likely to bounce back soon. They advised investors to use the current weakness to buy stocks of quality companies at attractive valuations.