Nifty, Sensex at day’s low as Auto, FMCG decline

Despite opening in the green, the domestic market indices Sensex and Nifty traded lower on Tuesday, weighed down by losses in banking and auto stocks, as concerns over weak earnings and continued foreign outflows extended a three-day losing streak.At close, the Sensex was down 820.97 points or 1.03 percent at 78,675.18, and the Nifty was down 257.85 points or 1.07 percent at 23,883.45.
Domestic consumer inflation surged to 6.21 percent in October, compared to 5.49 percent in September, according to Tuesday's official data, placing it beyond the Reserve Bank of India's preferred range of 2-6 percent.
Trent, HCL Technologies, Sun Pharma, Infosys and Reliance Industries were the top gainers on the Nifty, while losers included Britannia Industries, HDFC Bank, NTPC, Asian Paints and Bharat Electronics.On the sectoral front, all the sectoral indices ended in the red with auto, bank, capital goods, FMCG, metal, oil & gas, power, telecom, media, pharma falling 0.5 percent-2 percent.BSE Midcap and Smallcap indices shed 1 percent each.
Rupee Close:
On 12 Nov'24,the Indian rupee fell 1 paisa to a new record low of 84.39  against the U.S. dollar on Tuesday  as persistent foreign fund outflows and a strengthening greenback against major crosses overseas dented investor sentiments. Forex traders reportedly stated the rupee is likely to trade between 83.80 and 84.50 in the medium term, with the Reserve Bank of India likely limiting any significant downside, aided by its robust foreign exchange reserves.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, FII- triggered selling pressure continued to impact the domestic market. The recent strengthening of the dollar, driven by aggressive ‘Trumponomics’ is adding fears. Additionally, the anticipated rise in domestic inflation, due to increasing food prices, along with depreciating INR, may influence the RBI’s monetary policy. Most sectors were in the red, while IT stocks gained on expectations of increased US IT spending.
Market experts have recommended five stocks to buy-Coforge Ltd , Ramco Industries Ltd , HDFC Banks Ltd , IndusInd Bank Ltd and GAIL (India) Ltd.

(Business Correspondent)