Markets tumble: Sensex fall 50.62 pts ahead of Q3 results

The domestic benchmark indices traded on lower note on Wednesday, weighed down by declines in financial and consumer stocks as investor sentiment was dampened by caution ahead of the earnings season and concerns over the pace of U.S. interest rate cuts. A late-session recovery, led by IT, oil & gas, and FMCG heavyweights, helped the indices pare most of their intraday losses to close near the flatline. At close, the Sensex was down 50.62 points or 0.06 percent at 78,148.49, and the Nifty was down 18.95 points or 0.08 percent at 23,688.95.
ONGC, ITC, Reliance Industries, TCS, Asian Paints were the top gainers on the Nifty, while losers included Apollo Hospitals, Trent, Bajaj Auto, Adani Ports, Shriram Finance.
On the sectoral front, On the sectoral front, FMCG, oil & gas, IT rose 0.3-1.5 percent, while PSU bank, pharma, metal, media, media, bank, auto shed 0.4-1 percent. BSE Midcap and Smallcap indices shed 1 percent each.
Rupee Close:
On 8 Jan'25,the Indian rupee ended 13 paise lower at 85.87 against the U.S. dollar on Wednesday  amid higher crude oil prices and stronger American currency. Lacklustre sentiment in domestic equity markets and sustained outflow of foreign funds also played spoilsport even as investors stayed cautious over lower economic growth projection by the government, forex analysts reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, slowing economic growth projections and caution ahead of Q3 numbers added volatility in the market. However, the market witnessed a recovery from the day’s low owing to accumulation of beaten-down blue-chip stocks and in expectation of government reforms in the upcoming budget to lift the tepid economy. The near-term sentiment is likely to be subdued due to the rise in US bond yield and fear of fewer rate cuts by the Fed.
Market experts have recommended five stocks to -Max Healthcare Institute Ltd., Bharat Dynamics Ltd., IndusInd Bank Ltd., Garden Reach Shipbuilders & Engineers Ltd., and SBI Cards and Payment Services Ltd.

(Business Correspondent)