Nifty loses 2% over 6 sessions, Metal, FMCG stocks lead market sell-off

The Indian stock market  traded lower for the sixth consecutive session on Thursday, with the Nifty closing below 23,550, weighed down by selling pressure in FMCG, PSU Bank, and oil & gas sectors.At close, the Sensex was down 110.64 points or 0.14 percent at 77,580.31, and the Nifty was down 26.35 points or 0.11 percent at 23,532.70. 
Eicher Motors, Hero MotoCorp, Reliance Industries, HDFC Life and Kotak Mahindra Bank were the top gainers on the Nifty,while losers included HUL, BPCL, Tata Consumer, Nestle, Britannia.On the sectoral front,FMCG, power, PSU Bank and oil & gas shed 0.3-1 percent, while auto, media, realty rose between 0.6-2 percent.BSE Midcap index was up 0.4 percent and Smallcap index added nearly 1 percent.
Market This Week:
●Market gives negative returns for 2nd straight week, Sensex & Nifty fall 2 percent each,
●Midcap index slips 4 percent while Nifty Bank falls nearly 3 percent this week,
●All sectoral indices ex-Nifty IT give negative returns; PSU Bank & Metals fall 5 percent each.
Rupee Close:
On 14 Nov'24,the Indian rupee fell 4 paise to close at an all-time low of 84.43  against the U.S. dollar on Thursday, weighed down by unabated foreign fund outflows and strong dollar demand from investors. Forex traders reportedly stated the downward pressure on the USD/INR pair is largely driven by persistent inflation and significant foreign outflows.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,today the domestic market experienced a lacklustre trading, but some stability was observed throughout from the low of the day. The sustainability of this trend remains uncertain as FIIs continue to be on the selling side. But on a positive note the degree of selling is reducing. Asian markets too displayed mixed sentiments as investors evaluate potential risk due to a likely change in the US policy with trade barriers.However, it looks like the muted performance of domestic Q2 earnings has been mostly factored in with the consolidation of the last 1-2 months. Market will look forward for improvement in domestic business and economy data, in anticipation of a rebound in government spending which reduced during the year due to national & state elections.

(Business Correspondent)