Nifty, Sensex close flat, IT & Auto stocks lead intraday rebound

The Indian equity indices ended the trading session on a flat note on Tuesday, despite rebounding in early trade after two sessions of profit booking, with gains driven by IT, energy, and auto stocks.At close, the Sensex was down 33.49 points or 0.04 percent at 84,266.29, and the Nifty was down 13.95 points or 0.05 percent at 25,796.90.About 2210 shares advanced, 1587 shares declined, and 90 shares unchanged.
Highlights of Trade:
●Bitcoin slips below $64K after Powell signals smaller rate cuts,
●Tech Mahindra gains 4% on CLSA upgrade,
●PC Jeweller gains 5% on approval of 1:10 stock split,
●SpiceJet rises 5% on RS 51 cr block deal,
●Sensex opens 300 pts higher, Nifty above 25,900
Tech Mahindra, M&M, Britannia Industries, Adani Enterprises and Infosys were the top gainers on the Nifty, while losers included IndusInd Bank, ONGC, Asian Paints, Bajaj Auto and Titan Company.
On the sectoral front, buying was seen in the media, auto, IT, while selling was seen in the telecom, power, FMCG, Oil & Gas, realty.BSE Midcap index was up 0.3 percent, and Smallcap index was up 0.5 percent.
Rupee Close:
On 01 October,2024,the Indian rupee fell 2 paise to 83.81 against the U.S. dollar in early trade on Tuesday,tracking massive outflow of foreign funds amid volatile global markets.Forex traders reportedly stated a strengthening American currency weighed down the Indian unit against major rivals, though retreating crude oil prices and recovery in domestic equity markets resisted a steep fall in the rupee.
Trading Guide:
Market analysts attributed the recent declines in Sensex and Nifty to profit booking and resistance at higher levels, suggesting a pullback as investors grow cautious amid stretched valuations.In the broader market, the BSE Midcap index remained flat, while the Smallcap index edged up by 0.3 percent. India VIX, the volatility index, dipped 3 percent, according to information. Meanwhile, investors are now turning their attention to the upcoming US manufacturing PMI and job openings data expected later in the day.
Market experts have recommended five stocks to buy- Jyothy Labs, Whirlpool Of India, HDFC Life Insurance Company, Reliance Industries and Larsen & Toubro.

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