Sensex drops 836 points, Nifty slips to 24,200 ahead of FOMC

Indian markets snapped a two-day winning streak on Thursday, with benchmarks giving up earlier gains amid broad-based selling as caution prevailed ahead of tonight's FOMC outcome.At close, the Sensex was down 836.34 points or 1.04 percent at 79,541.79, and the Nifty was down 284.70 points or 1.16 percent at 24,199.35.
Apollo Hospitals, HDFC Life, SBI, TCS and L&T were the top gainers on the Nifty, while losers included Hindalco Industries, Trent, Shriram Finance, Tech Mahindra and Grasim Industries.On the sectoral front all the sectoral indices ended in the red with auto, metal, power, telecom, pharma, realty down 1-2 percent. BSE Midcap and smallcap indices shed 0.5 percent each.
Rupee Close: 
On 07 Nov'24,the Indian rupee declined 6 paise to close at a fresh lifetime low of 84.37 against the U.S. dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment.Forex traders reportedly stated investors were also cautious ahead of the U.S. Fed meeting outcome. Moreover, overnight gains in crude oil prices also weighed on the local unit.
Trading Guide:
Market experts have recommended six stocks to buy- Piramal Pharma Ltd, Deepak Fertilisers & Petrochemicals Corporation Ltd, Infosys Ltd, Ceat Ltd and Adani Ports and Special Economic Zone Ltd.

(Business Correspondent)