Market drop 2% amid geopolitical tensions & SEBI's regulatory changes

The Indian stock markets extended their losing streak for the fourth session on Thursday, with indices plunging by 2 percent and Nifty breaching 25,250,amid broad-based selling driven by escalating geopolitical tensions between Israel and Iran,stricter SEBI regulations on F&O trading and foreign capital flowing towards China's soaring market.At close, the Sensex was down 1,769.19 points or 2.10 percent at 82,497.10, and the Nifty was down 546.80 points or 2.12 percent at 25,250.10.
Highlights of Trade:
●M-cap declines by Rs 10.56 lakh crore,
●Nifty Bank slips nearly 2%,
●Paint, OMC stocks slump as crude oil rises,
●Sensex, Nifty fall 1.5% each,
●BSE up 8% on likely market share gain after Sebi's F&O curb,
●Reliance Power, Reliance Infra shares jump up to 5%,
●India VIX gains over 5%,
●All sectors trade in red,
●Sensex slumps 900 pts at open, Nifty50 below 25,550,
JSW Steel, ONGC were the top gainers on the Nifty while losers included BPCL, L&T, Tata Motors, Shriram Finance, Axis Bank.
On the sectoral front,all the sectoral indices ended in the red with realty down 4.5 percent and auto, bank, media, capital goods, oil & gas index down 2-3 percent.BSE Midcap and smallcap indices down 2 percent each.
Rupee Close:
On 3 Oct'24,the Indian rupee depreciated 14 paise to settle at 83.96  against the US dollar on Thursday, as the volatile geopolitical situation triggered a surge in crude oil prices, weighed down by a steep fall of over two per cent in domestic equity markets.According to forex traders, a strong American currency and unabated outflow of foreign funds fuelled by the bullish Chinese markets also accelerated the rupee's slide.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the domestic market took a sharp downturn following Iran’s launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in war. This could potentially drive-up oil prices and lead to inflationary pressures. 
Additionally, new SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks.
Market experts have recommended three stocks to buy today- Meghmani Organics, HCL Tech, and DLF.

( Business Correspondent)