Markets slump as Sensex sheds 693 pts,Nifty below 24,150

The Indian equity market indices fell for the second consecutive session on Tuesday amid investor concerns over mixed macroeconomic data, highlighted by CPI's decline to a near 5-year low in July and slower IIP growth at 4.2 percent in June.At close, the Sensex was down 692.89 points or 0.87 percent at 78,956.03, and the Nifty was down 208 points or 0.85 percent at 24,139.
The domestic equity benchmark indices, Sensex and Nifty opened lower on Tuesday, as declines in blue-chip stocks, particularly HDFC Bank, coupled with renewed foreign fund outflows, exerted downward pressure on the market. The lack of clear cues from global markets further contributed to the cautious sentiment among investors.This comes a day after the markets ended lower responding to the latest Hindenburg report. Market analysts, however, downplayed the severity of the decline, suggesting that the sell-off was largely a knee-jerk reaction.
Highlights of trade: 
●HDFC Bank falls 3%; sees increase in its weightage in MSCI index,
●Unicommerce shares list with 118% premium,
●FirstCry shares lists at 40% premium over IPO price,
●Adani Group stocks gain up to 6%,
●Sensex, Nifty open marginally lower
Titan Company, Apollo Hospitals, Dr Reddy's Labs, Tata Consumer, HCL Tech were the top gainers on the Nifty, while losers included Shriram Finance, BPCL, HDFC Life, HDFC Bank and Bajaj Finance.
On the sectoral front,all the sectoral indices ended in the red with bank, power, oil & gas, metal, media, telecom down one percent each.BSE Midcap and Smallcap indices also lost one percent each.
Rupee Close: 
On 13 Aug'24,the Indian rupee ended nearly unchanged on Tuesday,witnessed range-bound trading and settled for the day on a flat note at 83.97 against the US dollar as intervention by the central bank helped avert a fall to the key psychological support level of 84 to the dollar.Besides, weak domestic markets and a surge in crude oil prices weighed on investor sentiments.
Forex traders reportedly stated, risk aversion in the global markets amid heightened geopolitical tension in the Middle East between Israel and Iran also dented sentiments.
Trading Guide:
Market’s dismissal of the Hindenburg report as inconsequential is significant. This further reinforces investors’ confidence in the success of the buy on dips strategy which has been one of the main driving forces of this bull run. The market which has been climbing all walls of worries has climbed this Hindenburg wall too, instilling confidence in retail investors and DIIs flush with money,Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, reportedly stated.
Market experts have recommended five shares to buy — RVNL, Stove Kraft, INOX Green, EIH Associated Hotels, and Dilip Buildcon.

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