Weak global cues push market lower for 2nd straight session

The domestic share market indices Sensex and Nifty extended their decline for the second consecutive session on Thursday, weighed down by losses in IT and FMCG stocks. This October was the weakest in more than four years, a trend last observed in March 2020. At close,the Sensex was down 553.12 points or 0.69 percent at 79,389.06, and the Nifty was down 135.50 points or 0.56 percent at 24,205.35.
In the month of October, the BSE Sensex shed 5.8 percent and Nifty50 plunged 6.2 percent, according to estimates. Cipla, L&T, Dr Reddy's Labs, Hero MotoCorp and ONGC were the top gainers on the Nifty while losers included Tech Mahindra, HCL Technologies, Infosys, TCS, Wipro.
On the sectoral front, IT index shed nearly 3 percent, FMCG index was down nearly 1 percent, and bank index fell 0.5percent. However, pharma and media indices rose 1.5 percent each.The BSE midcap index shed 0.3 percent, while smallcap index rose 1.6 percent.
Rupee Close:
On 31 Oct'24,the Indian rupee reached an all-time low against the US dollar on Thursday, pressured by sustained equity outflows and uncertainty surrounding the upcoming U.S. election.
The rupee opened on a flat note and rose 1 paisa to 84.07 against the U.S. dollar in initial deals on Thursday (October 31, 2024), as strong dollar and persistent foreign fund outflows dented investor sentiments. The forex traders reportedly stated that the rupee remained range- bound as month-end demand kept the U.S. dollar well-bid. Meanwhile, a muted trend in domestic equities weighed on the local unit, while any intervention by the Reserve Bank of India (RBI) may support the local currency at lower levels,” they reportedly stated. Indian currency market will remain closed on Friday for a public holiday.
Trading Guide: 
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the key benchmark indices traded with mild cuts while experiencing a broader sell-off in the technology sector due to weakness in the US IT companies, which has led the domestic IT companies to come under the shadow of underperformance. Investors remain cautious owing to weak domestic earnings for Q2.However, the market expects the momentum to reverse in H2 due to a rebound in core sector data and government spending, which are likely to influence the Samvat 2081 investment strategy.,Market experts have recommended three stocks-Hero Motocorp, Engineers India, and Lupin.

(Business Correpondent)