Sensex sheds 535 pts, Nifty settles below 21,550;DMart, JSW Steel drop 4% each Ira Singh

Ira Singh
Khabar Khabaron Ki,03 Jan’24

The domestic share market indices fell for the second straight session om Wednesday,dragged by IT and financial stocks tracking a downfall in the global markets.At close, the Sensex was down 535.88 points or 0.75 percent at 71,356.60, and the Nifty was down 148.45 points or 0.69 percent at 21,517.35. About 1,917 shares rose, 1,390 fell, and 79 remains unchanged.

Stocks and Sectors
Metals stocks take a hit amid a fall in global prices while IT names struggled due to a spike in US bond yields.The outperformance of midcaps kept market breadth in favour of gainers.Broader market indices outperformed with Nifty Smallcap 100 ending flat and Nifty Midcap adding 0.3 percent. Nifty 500, the broadest index on NSE, fell 0.26 percent.

On the sectoral front, Nifty Realty was the biggest gainer, up 1.23 percent. Nifty PSU Bank and Nifty Pharma were other top gainers. Nifty IT and Nifty Metal plunged sharply.

On 03 Jan’24,the Indian rupee appreciated 4 paise to close at 83.28 against the US dollar on Wednesday, supported by easing crude oil prices and foreign fund inflows. However, forex traders said the Indian currency remained under pressure amid a negative trend in domestic equities.

Experts Take:
Market experts have recommended six stocks to buy for Wednesday- Cipla, Oracle Financial Services Software, Welspun Corp, Nykaa, Mahindra Logistics, and Glaxosmithkline Pharmaceuticals Ltd.