IT, Banking stocks lead market decline, Sensex falls 528 pts

The Indian indices closed in the red on Thursday, led by a sell-off in financial and IT stocks amid foreign fund outflows. At close, the Sensex was down 528.28 points or 0.68 percent at 77,620.21, and the Nifty was down 162.45 points or 0.69 percent at 23,526.50.
Further, investor sentiment remained cautious amid concerns over December quarter earnings and uncertainty regarding the extent of U.S. rate cuts.
HUL, Britannia Industries, Nestle India, M&M, Bajaj Auto were the top gainers on the Nifty, while losers included Shriram Finance, ONGC, Tata Steel, Coal India, BPCL.On the sectoral front,except FMCG all other indices ended in the red with capital goods, IT, metal, oil & gas, PSU Bank, power, realty down 1-2percent.BSE Midcap and smallcap indices shed 1 percent each.
Rupee Close: 
On 09 Jan'25,the Indian rupee settled with a gain of 4 paise at 85.87against the U.S. dollar on Thursday amid firm American currency and elevated level of crude oil prices.According to forex analysts, relentless selling in domestic equities and outflow of foreign capital kept the local unit under pressure, while dollar strengthened on improved macroeconomic prospects in the U.S.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the Indian stock market mirrored the decline across its Asian peers, with cautious investor sentiment driven by a sell-off in US bonds. The US 10-year Treasury yield surged to its highest level since April 2024, signalling expectation of fewer rate cuts by the Fed. Further, disappointing inflation data from China added pressure, indicating that recent stimulus measures have failed to rejuvenate one of the world's largest consumer markets.
Domestically, the FMCG sector outperformed, while other sectors declined, anticipating only modest improvement in Q3 earnings estimates, cautioning against high expectations.
Market experts have recommended five stocks to buy -Anant Raj Ltd, SRF Ltd, Reliance Industries Ltd, Bharti Airtel Ltd, and Aditya Birla Capital Ltd.

(Business Correspondent)