Nifty records longest losing streak since Feb 2023

The Nifty recorded its seventh straight day of losses on Monday, marking its longest losing streak since February 2023, as a sharp decline in IT and energy stocks weighed heavily on the index. The Sensex also had a turbulent day, with a 900-point swing highlighting the nervousness among investors. Additionally, disappointing corporate earnings, persistent foreign fund outflows, and concerns over the US Fed's gradual approach to interest rate cuts kept investor sentiment fragile.
At close,the Sensex was down 241.30 points or 0.31 percent at 77,339.01, and the Nifty was down 78.90 points or 0.34 percent at 23,453.80. About 1,429 shares advanced, 2,086 shares declined, and 107 shares unchanged.
On the sectoral front,the Nifty IT index led the losses, falling more than 2 percent. Energy and healthcare were another top losers falling nearly 1 percent.Nifty metal index was the top gainer ,but pared gains to 2 percent.Nifty Auto, Nifty FMCG and Nifty Bank recorded modest gains of 0.3-0.7 percent each, according to information.
Rupee Close:
On 18 Nov'24,the Indian rupee recovered from its lowest level and appreciated by 8 paise to 84.38 against the US dollar in early trade on Monday despite a stronger American currency and sustained outflow of foreign funds.Lower level of crude oil prices in the international market supported the recovery of local unit, forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, consolidation continued in the market; a slowdown in earnings growth and a weak rupee due to inflation impacted the sentiment. IT stocks reacted negatively today due to a reduced expectation of a FED rate cut in December, which may pose a delay in spending in the BFSI segment. On the other hand, metal stocks gained some ground after China decided to reduce tax rebates on aluminium and copper.
Market experts have recommended five shares to buy-Garware Hi-Tech Films Ltd, Gokul Agro Resources Ltd , Info Edge (India) Ltd, TVS Motor Company Ltd and Cummins India Ltd.

(Business Correpondent)