Market fall after 2-day rally as investors await US CPI

The domestic share market indies, Sensex and Nifty 50 fell 0.5 percent on Wednesday breaking a two-day rally, as investors adopted a cautious stance ahead of the U.S. CPI data due later in the day.At close, the Sensex was down 398.13 points or 0.49 percent at 81,523.16 and the Nifty was down 122.65 points or 0.49 percent at 24,918.45. About 1,551 shares advanced, 2,242 shares declined, and 98 shares were unchanged.
Shriram Finance, Britannia, Bajaj Finance, Asian Paints, and Bajaj Auto rose 0.5-4 percent, emerging as the top gainers on Nifty,while losers included NTPC, SBI, Wipro, and ONGC were among the other biggest losers on the Nifty 50, each falling 1-4 percent.
On the sectoral front,except for Nifty FMCG, all other sectoral indices closed in the red, with auto and energy stocks dragging the market lower.The broader market mirrored the decline in benchmarks, with both the BSE Midcap and Smallcap indices falling by 0.5 percent.
Rupee Close:
On 11 Sep'24,the Indian rupee closes little changed ahead of US inflation data.The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98  against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities.
Forex traders reportedly stated significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside.
Trading Guide:
Vinod Nair, Head of Research at Geojit Financial Services reportedly remarked that concerns over US political risks and fears of a recession could trigger short-term caution in global markets.Market experts have  recommended five shares to buy today- Inox Wind, Laurus Labs, Indraprastha Gas, MTAR Technologies, and JSW Steel.

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