FMCG, Energy losses drag market marginally down

The domestic share market indices, Sensex and Nifty dipped marginally in the closing hour on Friday,dragged lower by losses in FMCG and energy sectors.While metal stocks surged on hopes of a potential rate cut in China aimed at boosting domestic consumption. The government's extension of anti-dumping duties on steel imports from China and Vietnam further strengthened the sector.At close, the Sensex was down 71.77 points or 0.09 percent at 82,890.94, and the Nifty was down 32.40 points or 0.13 percent at 25,356.50. About 2363 shares advanced, 1431 shares declined, and 102 shares unchanged.
Highlights of trade:
●Sensex opens 150 pts lower, Nifty below 25,350,
●Gold's 16% YTD returns outshine Sensex, close in on Nifty,
●RIL sets Sept 20 as last date for paying call money,
●Zee jumps as NCLT approves recall of Sony merger,
●Nifty Smallcap 100 trades above 19500 levels,
●Nifty Midcap 100 scales fresh 52-week high,
●Jewellery stocks shine as Gold trades at record
Wipro, Bajaj Finance, Bajaj Finserv, Tata Steel and IndusInd Bank were among the top gainers on the Nifty, while losers imcluded ITC, Adani Ports, HDFC Life, Tata Consumer and SBI Life.
On the sectoral front, except FMCG, power and oil & gas, all other indices ended in the green with IT, media, metal, realty and PSU Bank up 0.5-1.7 percent each.BSE Midcap index up 0.5 percent, while smallcap index up 1%. Meanwhile, India VIX, a gauge of market volatility, eased by 5 percent to 12.5.
Rupee Close:
On 13 Sep'24,the Indian rupee appreciated by 6 paise to 83.90 against the U.S. dollar on Friday supported by weakening of the American currency in the overseas market and significant foreign fund inflows.Forex traders reportedly stated the rupee continues to trade within a tight range, as the Reserve Bank of India (RBI) is maintaining a firm grip on the domestic currency.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the market took a breather and ended on a flat note after the previous day’s sharp uptick. Despite domestic CPI inflation being within RBI's target band, the increase in food prices may influence the central bank to remain prudent on rates.Higher liquidity from FIIs to the domestic market and a slide in US 10-year yield increased the prospects of the FED rate cut, which will aid domestic sentiment.
Market experts have recommended three stocks to buy today – Apollo Hospitals, Hindustan Unilever, and Havells.

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