Market snap 2-day gains on continued foreign selling pressure

The domestic share market traded lower on Wednesday weighed down by banking and financial stocks amid sustained foreign outflows and disappointing corporate earnings. At close, the Sensex was down 426.85 points or 0.53 percent at 79,942.18, and the Nifty was down 126 points or 0.52 percent at 24,340.85.
Adani Enterprises, Tata Consumer, Hero MotoCorp, Britannia Industries and Maruti Suzuki were the top gainers on the Nifty while losers included Cipla, Shriram Finance, HDFC Life, Trent, SBI Life Insurance.
On the sectoral front, FMCG, capital goods and media were up 0.5-2 percent, while bank, pharma, IT fell 1 percent each.The BSE Midcap index ended flat and the smallcap index rose 1.5 percent.
Rupee Close:
On 30 Oct'24,the Indian rupee depreciated 4 paise to close at 84.09 against U.S. dollar on Wednesday , weighed down by weak domestic markets and month-end dollar demand from importers. Forex traders reportedly stated suspected intervention by the Reserve Bank of India (RBI) supported the local currency at lower levels.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the domestic market remains cautious due to aggressive selling by FIIs. Positively, strong domestic inflows are supporting market resilience though volatility has markedly increased. Other EMs are also consolidating in anticipation of upcoming US economic data releases, elections, and the FOMC interest rate decision. Considering the weak Q2 domestic earnings and muted commentary, India's premium valuations are moderating. Market experts have recommended three stocks to buy- Indian Oil Corp, Coal India, and GMR Airports Infrastructure.

(Business Correspondent)