Market decline amid broad-based selling in IT, FMCG stocks

The Indian stock markets traded lower on Monday after opening with gains,as mixed global cues weighed on investors sentiment.The decline was largely attributed to Kotak Mahindra Bank’s disappointing quarterly results and a fall in IT stocks. At close, the Sensex was down 73.48 points or 0.09 percent at 81,151.27, and the Nifty was down 72.95 points or 0.29 percent at 24,781.10. About 1096 shares advanced, 2766 shares declined, and 135 shares unchanged.
HDFC Bank, Bajaj Auto, Asian Paints, M&M and Eicher Motors were the top gainers on the Nifty,while losers included Tata Consumer Products, Kotak Mahindra Bank, BPCL, IndusInd Bank and Bajaj Finserv.
On the sectoral front, except auto, all other sectoral indices ended in the red with FMCG, metal, capital goods, power, realty, IT, oil & gas and media down 1-3 percent.BSE Midcap and smallcap indices shed 1.5 percent each.
For the past few sessions,the indices have remained in consolidation mode,weighed down by expectations of China’s stimulus, persistent foreign investor outflows, geopolitical concerns,and weaker-than-anticipated Q2 FY25 earnings.
Rupee Close:
On 21 Oct'24,the Indian rupee showed a recovery from its lower level and gained marginally by 1 paisa to 84.06 against the U.S. dollar in early trade on Monday ,tracking positive cues from domestic equity markets and a soft American currency. However, sustained outflow of foreign funds and an upward momentum in the crude oil prices weighed on the local unit, forex traders reportedly stated.
Trading Guide:
Market experts have recommended five stocks to buy today-Bata India, Torrent Power, Reliance Industries, National Aluminium Co and NMDC.

(Business Correspondent)