Market momentum falters, Nifty dips below 22,500

The domestic equity market indices snapped 5-day winning run on Friday,weighed down by the slower-than- expected GDP growth in the US, which pushed back rate cuts expectations.At close, the Sensex was down 609.28 points or 0.82 percent at 73,730.16, and the Nifty was down 150.40 points or 0.67 percent at 22,419.95. About 1710 shares advanced, 1521 shares declined, and 106 shares unchanged.Highlights of trade:
●Tech Mahindra surges 10% post Q4 show,
●Bajaj Finance tanks 5% after Q4 results,
●Maruti, HCL Tech, Bajaj Finserv, SBI Life to post earnings,
●Yen hits 34-year low following BoJ decision,
●Goldman Sachs raises Zomato target price to Rs 240.
Tech Mahindra, Divis Labs, LTIMindtree, Bajaj Auto, BPCL were top gainers on the Nifty while losers included Bajaj Finance, Bajaj Finserv, Nestle India, IndusInd Bank, M&M.
On the sectoral front, except auto, bank, capital goods, all other indices ended in the green, with oil & gas, healthcare, realty, media up 0.3-1 percent. BSE midcap index up 0.8 percent and smallcap index up 0.3 percent.
Rupee Close:
On 26 April'24,the Indian rupee depreciated 5 paise to 83.33 against the U.S. dollar in early trade on Friday, tracking a strong greenback overseas and a positive trend in domestic equities.However, elevated crude prices in international markets and unabated foreign capital outflows capped the gains in domestic unit, forex traders said.
Trading Guide:
Market experts have recommended seven stocks to buy today- ICICI Bank, Carborundum Universal, REC, GMR Infra, IRFC, CONCOR, and UPL.

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