Sensex, Nifty close lower,Extend losses to 4th consecutive session

The domestic share market witnessed profit booking for the fourth consecutive session on Wednesday with Nifty below 24,450 mostly led by banking names.The major stock market indices, continued their decline from Budget day. This followed the government's proposal to increase the securities transaction tax on futures and options. Additionally, foreign fund outflows and a negative global market trend further dampened sentiment in the domestic markets.
At close, the Sensex was down 280.16 points or 0.35 percent at 80,148.88, and the Nifty was down 65.55 points or 0.27 percent at 24,413.50.
HDFC Life,Tech Mahindra, BPCL, NTPC, and Tata Motors were the major gainers on the Nifty,while losers included Bajaj Finserv, Britannia Industries, Bajaj Finance, Tata Consumer, and Axis Bank.
On the sectoral front, healthcare, oil & gas, media, telecom, and power are up 1-2 percent, while FMCG and bank index are down 0.5-1 percent.BSE Midcap index was up 0.7 percent and smallcap index rose 2 percent.
Rupee Close:
On 24 July'24,the Indian rupee depreciated 1 paisa to revisit its all-time closing low of 83.70 against the US dollar on Wednesday, weighed down by a strong dollar against major crosses overseas amid investors' weak appetite for riskier assets.
Forex traders said the increase in capital gains tax and removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks.
Trading Guide:
Market experts recommends intraday stocks like Gravita India, EMS Limited, Pondy Oxides & Chemicals, NIIT, and AstraZeneca Pharma India.

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)