FII outflows, weak earnings drag markets down for 5th day

Indian markets continued their downward streak for a fifth straight session on Friday, with the Nifty dipping below 24,100 intraday due to broad-based selling across sectors except FMCG, as heavy foreign institutional outflows, weak Q2 earnings, and global concerns weighed on sentiment.At close, the Sensex was down 662.87 points or 0.83 percent at 79,402.29, and the Nifty was down 218.60 points or 0.90 percent at 24,180.80.For the week, BSE Sensex and Nifty50 lost more than 2 percent each.ITC, Sun Pharma, Britannia Industries, HUL and Axis Bank were the top gainers on the Nifty while losers included IndusInd Bank, BPCL, Adani Enterprises, Shriram Finance, and M&M.
On the sectoral front,except FMCG (up 0.5 percent) all other indices ended in the red with auto, capital goods, metal, oil & gas, power, telecom, media down 1-2 percent.BSE Midcap index shed 1.5 percent and smallcap index fell 2.4 percent.
Market This Week
●Market falls for 4th straight week, longest losing streak since August 2023,
● 46 Of 50 nifty stocks record losses this week, stocks down up to 22 percent,
●Mid & Small Cap indices post biggest weekly loss since December 2022.
Rupee Close: 
On 25 Oct'24,the Indian rupee falls 1 paisa to settle near all-time low at 84.08  against the US dollar on Friday weighed down by a firm American currency and unprecedented foreign fund outflows.
Forex traders reportedly stated the selling rush by foreign investors in pursuit of better gains from the Chinese market sent the domestic equity markets into a tailspin, dragging the benchmark indices down by nearly 8 per cent in the past two weeks. Also, they said, higher US treasury yields, fear of slower interest rate cut by the Federal Reserve and uncertain geopolitical scenario weeks ahead of the US presidential election have prompted investors to move cautiously.
Trading Guide:
Market experts have recommended to buy these shares -United Breweries, Reliance Industries, Paytm, Emcure Pharmaceuticals, Ashok Leyland, and State Bank of India.

(Business Correspondent)