Market closes flat amid concerns over weak earnings & foreign outflows

The domestic share market ended the trading session on a flat note on Monday amid volatility driven by concerns over weak earnings and sustained foreign investor withdrawals. At close, the Sensex was up 9.83 points or 0.01 percent at 79,496.15, and the Nifty was down 6.90 points or 0.03 percent at 24,141.30. About 1446 shares advanced, 2478 shares declined, and 116 shares unchanged.
Power Grid Corp, Trent, Infosys, HCL Tech, Tech Mahindra are top gainers on the Nifty, while losers included Asian Paints, Britannia, Apollo Hospitals, Cipla and ONGC.On the sectoral front, bank index was up 0.6 percent each and IT index was up 1 percent, while auto, FMCG, healthcare, metal, oil & gas, media down 0.5-1 percent.BSE Midcap index was down 0.8 percent and smallcap index shed 1 percent.
Rupee Close:
On 11 Nov'24,the Indian rupee declined for the fourth straight session.The rupee dropped 2 paise to reach a new record low of 84.39  against the U.S. dollar on Monday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.Forex traders reportedly stated the rupee is likely to remain under pressure unless there is a softening in the dollar index or a slowdown in foreign fund outflows.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the actions of FIIs are dominating the current market momentum, which is backed by a weak set of earnings and expectations from Trump policy. The risk of further downgrades in Nifty earnings casts clouds over investor sentiment, while the IT sector continued to outperform due to the strong US dollar and in anticipation of a revamp in US IT spending. India is also looking forward to the CPI data with a muted view as food prices are likely to be higher on MoM basis, essentially forging RBI to hold the interest rates in the short-term.
Market experts have recommended five stocks to buy-Innova Captab Ltd, Federal Bank Ltd, Blue Star Ltd , State Bank Of India Ltd and Adani Ports and Special Economic Zone Ltd.

(Business Correspondent)