Market meltdown: Sensex falls 384 pts, Nifty near 22,300

The domestic share market indices ended on a weak note on Tuesday,with selling seen across the board, as ongoing Q4 earnings failed to provide confidence to the markets struggling to maintain breadth near all-time highs.Globally, markets remain buyouant amid hopes of rate cuts by central banks this year. At close,the Sensex was down 383.69 points or 0.52 percent at 73,511.85, and the Nifty was down 140.20 points or 0.62 percent at 22,302.50. About 1096 shares rose, 2727 fell, and 109 were unchanged.
On the sectoral front,top gainers included Nifty FMCG Index, up 2%, and Nifty IT, up 0.77%. While losers included, Nifty realty and metals fell 3.5% and 2.4% respectively. Other losers were Nifty PSU Bank Index (down 2.3%), Nifty Healthcare (down 2%), and Nifty Auto (down 1.8%). Highlights of trade:
●Sebi rejects NSE bid to extend trading hours,
●DRL, PB Fintech to post Q4 results today,
●Macquarie downgrades Indus Tower to underperform,
●Investec upgrades Marico to buy from hold,
●Morgan Stanley initiates coverage on Titagarh with overweight tag,
●Sri Lanka Cabinet approves entering MoU with Adani Green Energy.
According to analysts,the valuations in the Indian market continue to be expensive across sectors.
Rupee Close:
On 07 May'24,the Indian  rupee was trading in a narrow range against the American currency in early trade on Tuesday and appreciated 4 paise to 83.48 against the US dollar amid a positive trend in domestic equities.
Forex traders said the strength of the American currency in the overseas market, elevated crude oil prices and foreign fund outflows weighed on the local unit and restricted the up move.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services, said, Despite positive global cues, the domestic market continued to consolidate. The domestic market is witnessing profit booking due to various factors, including a low turnout in the ongoing election and premium valuations. However, FMCG remained the biggest sectoral gainer in today’s trading session, driven by expectations of improving volume growth from rural areas aided by favourable monsoon expectations.
Market experts have recommended four stocks to buy for Tuesday-Balkrishna Industries, Brigade Enterprises, Coal India, and Jubiland Food.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)