Ira Singh 
Indian equities bounced back on Tuesday, ending their seven-day downward trend and closing higher, with the Nifty reaching 23,500, led by buying activity in the auto, real estate, and media sectors.At close, the Sensex was up 239.37 points or 0.31 percent at 77,578.38, and the Nifty was up 64.70 points or 0.28 percent at 23,518.50.
M&M, Trent, Tech Mahindra, HDFC Bank and Eicher Motors are among the top gainers on the Nifty, while losers included SBI Life Insurance, HDFC Life, Reliance Industries, Tata Consumer and Hindalco.On the sectoral front,media, auto, realty, IT, pharma up 0.5-2.5 percent, while metal, oil & gas and PSU Bank down 0.5 percent each.BSE Midcap and Smallcap indices up nearly 1 percent each.
Rupee Close:
On 19 Nov'24,the Indian rupee settled 1 paisa lower at 84.43 against US dollar on Tuesday, as support from positive domestic equity markets and lower crude oil prices was negated by strength of the American currency in the overseas market.Forex traders reportedly stated the Ukraine-Russia war took a new turn with Russia updating its nuclear doctrine and Ukraine aimed American missiles at Russia. Safe haven assets like Gold, JPY and CHF and to some extent dollar were bought and rupee felt the heat and was sold at the closing hours.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,a strong bounce back due to bottom fishing was short-lived as caution prevails in the market. Investors tend to use every opportunity to book profit amidst consistent FII selling and weak Q2 earnings. Profit booking was also seen ahead of the upcoming Maharashtra state election.The recent correction in valuation suggests a potential pause in further price erosion. However, the recovery will depend on an uptick in earnings which is likely to rebound due to the likely spurt in central and state expenditure in H2.
Market experts have recommended five shares to buy-Aegis Logistics, Syrma SGS Technology, State Bank of India, Jindal Steel and Power, and Ramkrishna Forgings. The market will remain shut on Wednesday, November 20, on account of Maharashtra Assembly polls.
(Business Correspondent)
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