Stock market drops after hitting new highs,all sectoral indices in red

The Indian equity market indices traded lower on Wednesday ,stepping back from all-time high levels.The market witnessed heavy selloff,even as the global market mood remained upbeat. Barring IT and FMCG indices, all sectors traded with cuts. The fall in the broader markets was more pronounced vs Nifty50.At close, the Sensex was down 930.88 points, or 1.30 percent, at 70,506.31 and the Nifty was down 302.95 points, or 1.41 percent, at 21,150.15.

Stocks and Sectors 
ONGC, Tata Consumer Products, Britannia Industries and HDFC Bank were the biggest gainers on the Nifty, while losers included Adani Ports, Adani Enterprises, UPL, Tata Steel and Coal India.
On the sectoral front,all indices ended in the red. Auto, capital goods, metal, pharma, oil & gas, power and realty were down 2-4 percent.BSE midcap and smallcap indices declined more than 3 percent each, after hitting fresh highs of 36,483.16 and 42,648.86, respectively.
On 20 Dec'23,the Indian rupee ended 1 paise higher to close at 83.17 against the US dollar amid slight recovery in the greenback offset the positive momentum from dollar sales by exporters.Selling in equity markets as concerns over oil supplies through the Red Sea route dented investor sentiment, said traders.
 Experts Take
Market experts have recommended six stocks to buy for Wednesday— Havells, Auropharma, Mahabank, Sobha, Ibrealest and Heritage Food.

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