Stock market : Sensex today closed at 78,248.13, down 450.94 points or 0.57 percent. While Nifty fell 168.50 points or 0.71 percent and closed at 23,644.90. There was a negative trend in the market today. There was a rise in 1,368 shares. A decline was seen in 2,460 shares. While there was no change in 140 shares. Selling by foreign institutional investors, weak global cues and fall in rupee affected the sentiment. Most sectoral indices closed in the red. Nifty Auto Index suffered the most loss. After this, a decline was recorded in the Nifty Bank index. There was a decline in other sectors like energy, infra and IT also. At the same time, growth was seen in pharma and IT.
Adani Enterprises Was the fastest rising stock on Nifty. Today this stock rose by about 8 percent. Other rising stocks included Shriram Finance and HCL Tech. Hindalco suffered the biggest loss among the loss-making companies. After that came Wipro, Tata Motors, Hero MotoCorp and JSW Steel.
There is a huge pressure on Indian equities due to continuous selling by foreign institutional investors. The continued decline in the rupee (which is now close to 86 per dollar) has made Indian stocks less attractive for foreign investors due to lower returns against the dollar. Mandar Bhojne, Research Analyst, Choice Broking Says Indian equity markets have become less attractive for FIIs due to fall in rupee. “They are getting low returns here against the dollar.”
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Anand James of Geojit Financial Services It is said that momentum is expected to remain low going forward. Downside support for Nifty remains at 23,750. However, if Nifty goes below 23,600, further weakness may be seen.
Sentiment is likely to remain poor in the last phase of 2024 due to market fluctuations and global factors. Analysts believe the market will remain under pressure, with upcoming data such as monthly auto sales and December quarter results giving clues about the future direction of the market.
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