Indian markets slip, Nifty below 24,150 amid fed rate cut optimism

The Indian share market closed lower for the second day in a row on Friday as a decline in realty and energy stocks pulled the Nifty below 24,150,despite positive cues from global markets, following the U.S. Federal Reserve’s quarter-point rate cut.At close, the Sensex was down 55.47 points or 0.07 percent at 79,486.32, and the Nifty was down 51.15 points or 0.21 percent at 24,148.20.For the week, BSE Sensex was down 0.3 percent and Nifty50 index fell 0.6 percent.
M&M, Titan Company, Tech Mahindra, Infosys and Nestle were the top gainers on the Nifty, while losers included Coal India, Tata Steel, Trent, Asian Paints and Shriram Finance.On the sectoral front,IT index was up 0.7 percent, while media, PSU Bank, metal, oil & gas, power, realty declined 1-2 percent.The BSE midcap index shed 1 percent and smallcap index was down 1.6 percent.
Market This Week
●Market reverses last week’s gains, falls nearly 1% this week,
●Except IT & PSU Bank, all sectoral indices post losses this week,
●Market ends lower in a news heavy week tracking geopolitical cues,
●Realty stocks fall the most, IT index outperforms
Rupee Close:
On 08 Nov'24,the Indian rupee declined for the third straight session, the rupee dropped 5 paise to reach a new record low of 84.37 against the U.S. dollar on Friday  weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
The Indian rupee is likely to see further depreciation against the US dollar in the near term owing to Donald Trump's presidential win. This has fueled an expectation that the dollar index will remain high, currency experts reportedly stated. However, experts believe that in the longer run, the Indian rupee may appreciate considering the macroeconomic prospects of India and the expectation of a rate cut by the US Federal Reserve, which will make emerging markets attractive.
Trading Guide: 
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, consolidation continued in the market as investors stayed cautious due to disappointment in earnings and the flight of FIIs. The US FED continued its rate-cutting cycle to stimulate the economy and is expecting a similar 25-bps rate cut in December policy meet amid moderation in inflation. While inflation in India is estimated to increase in October and the strengthening USD would reinforce RBI to hold the rate in the near-term.
Market experts have recommended three stocks to buy -ITI, KEC International, and Computer Age Management Services.

(Business Correspondent)