Market on a 5th day losing streak as Nifty slips 10% below record high

The domestic share market indices extended their losing streak for the fifth consecutive session on Wednesday following a rise in October’s retail inflation and a significant decline in metal stocks. According to information, the Nifty has now dropped nearly 10 percent from its all-time high of around 26,200 reached on September 27.
At the close, the Sensex was down 984.23 points, or 1.25 percent, settling at 77,690.95, while the Nifty declined 324.40 points, or 1.36 percent,to 23,559.05. About 628 shares advanced, 3,180 shares declined, and 92 shares remained unchanged.
NTPC, Britannia Industries, HUL, Tata Motors were the biggest gainers on the Nifty while losers included Hero MotoCorp, Hindalco, Tata Steel, M&M, Eicher Motors.On the sectoral front,all the sectoral indices ended in the red with auto, capital goods, metal, realty, PSU Bank, power, media down 2-3 percent.The BSE Midcap index slipped 2.5 percent and the Smallcap index shed 3 percent.
Rupee Close:
On 13 Nov'24,the Indian rupee appreciated 1 paisa to close at 84.38 against the U.S. dollar on Wednesday, as persistent foreign fund outflows and a muted trend in domestic equities weighed on the local unit.The USD/INR pair is trading in a narrow range as strength of the American currency in the overseas market dented investor sentiments, while suspected intervention by the Reserve Bank of India (RBI) kept the rupee supported at lower levels, Forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,relentless selling by FIIs amid weak corporate earnings and a sharp surge in domestic inflation to a 14-month high have further impacted investor sentiment, dashing hopes for a near-term rate cut by the RBI. Mid and small-cap stocks were the worst hit, while the Financials and Auto sectors also showed significant weakness. This trend is mirrored across all emerging markets, as markets are jittery about future US policy actions, including trade-related implications for the world economy, which is reflected in the strengthening US dollar and rising yields.
Market experts have recommended five shares to buy-Macrotech Developers, Fortis Healthcare, Polyplex Corp, Pritish Nandy Communications, and UNO Minda.

(Business Correpondent)