Sensex extends losses, ends 122 pts lower, Nifty below 23,050

The domestic share market indices declined for the sixth straight session on Wednesday, as markets failed to sustain the sharp mid-session rebound and ended slightly lower, with investor sentiment weighed down by concerns over global trade tensions and the upcoming US inflation data.At close, the Sensex was down 122.52 points or 0.16 percent at 76,171.08, and the Nifty was down 26.55 points or 0.12 percent at 23,045.25.
SBI Life Insurance, Bajaj Finserv, HDFC Life, Shriram Finance, Tata Steel were the top gainers on the Nifty, while losers included M&M, Bharat Electronics, Eicher Motors, ITC, Hero MotoCorp. On the sectoral front,except PSU Bank and metal all other sectoral indices ended in the red with realty index down nearly 3 percent. BSE Midcap and smallcap indices shed 0.5 percent each.
Rupee Close:
On 12 Feb'25,the Indian rupee failed to sustain its recovery and depreciated 8 paise to close at 86.87  against the US dollar on Wednesday due to a firm American currency and unending outflow of foreign funds.According to forex traders, rupee stayed firm initially but lost grounds amid volatile domestic equity markets that also added to the trend of withdrawal by foreign institutional investors.They reportedly stated the easing crude oil prices supported the Indian currency at lower level but at the same time the currency markets saw muted participation awaiting cues from the inflation and industrial output data to be released by the government.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the Indian market saw a slight recovery from the sharp intraday declines; however, overall sentiment remained weak due to elevated broader market valuations and muted Q3 earnings growth. Concerns over excessive valuations are expected to sustain the ongoing consolidation phase. Investor confidence was further undermined by the Fed’s statement that it is "not in a hurry to lower interest rates" and intends to "pause rate cuts to assess further progress in inflation." Additionally, uncertainty regarding the impact of metal tariffs added to market caution.
The upcoming release of US CPI inflation data will provide further market direction, with prevailing expectations indicating minimal change in inflation, a scenario that could exert additional pressure on investor confidence.
Market experts have recommended following stocks to buy- Bharti Airtel Ltd,Medico Remedies and Shree Rama Newsprint.

(Business Correspondent)