Sensex drops 151 pts, Nifty 25,145 on weekly derivatives expiry

The domestic share  markets continued their losing streak for second straight day on Thursday,as global market uncertainty and upcoming U.S. economic data  weighed on investor sentiment.At close, the Sensex was down 151.48 points or 0.18 percent at 82,201.16, and the Nifty was down 53.60 points or 0.21 percent at 25,145.10. About 2185 shares advanced, 1585 shares declined, and 99 shares unchanged.
Titan Company, LTIMindtree, Wipro, BPCL and ITC were the top gainers on the Nifty, while losers included Coal India, Britannia Industries, Cipla, Dr Reddy's Labs and Reliance Industries.
On the sectoral front, selling was seen in the capital goods, power, oil & gas, realty, while buying was seen in the metal, IT, telecom and media.The BSE midcap index was up 0.3 percent and smallcap index added 0.5 percent.
Rupee Close:
On 5 Sep'24,the Indian rupee traded in a narrow range and settled for the day higher by 4 paise at 83.97  against the US dollar on Thursday, on weakening of the American currency in the overseas market and an overall drop in crude oil prices.Forex traders reportedly stated the domestic unit witnessed a slight negative bias on weak global equities and concerns over global economic growth. Moreover, dollar demand from importers also dented investor sentiments.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the benchmark indices continued to trade with minor losses due to concern of slowdown in the US & Chinese economy. The market is now seeking new catalysts, particularly in how the Fed evaluates the challenge of achieving a soft landing.Meanwhile, the broader market outperformed, benefiting from positive service PMI data that suggests supportive domestic economic conditions.
Market experts have recommended five shares to buy -Syngene International, United Spirits, JSW Steel, MTAR Technologies, and SBI.

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