Sensex, Nifty Extend Losing Streak for 3rd Day Amid Escalating Israel-Iran Tensions

Ira Singh
Khabar Khabaron Ki,16 April’24

The Sensex and Nifty extended fall to the third consecutive session on Tuesday,the Israel-Iran crisis weighed on investor sentiment, dampening risk appetite for equities and rising bond yields added to the pressure.Asian markets traded with deep cuts and US indices too closed sharply lower on Monday,denting sentiments for Dalal Street today.

Analysts advise investors to adopt caution and wait and watch how the developments unfold.At close, the Sensex was down 456.10 points or 0.62 percent at 72,943.68, while the Nifty 50 fell 124.60 points or 0.56 percent at 22,147.90. About 2,037 shares advanced, 1,255 shares declined, and 86 shares remained unchanged.

The broader market, however, managed to remain above water with BSE Smallcap gaining 0.6 percent and BSE Midcap closing flat.

Nifty Pharma and Nifty FMCG ended 0.4 percent higher, emerging as the top gainers amongst sectoral indices, whileNifty IT and Nifty Financial Services were the biggest laggards amongst the sectoral indices. While Nifty IT fell 2.6 percent, Nifty PSU Bank shed 1.3 percent.On the other hand,

Rupee Close:
The Indian rupee dropped to a record low on Tuesday, weighed by the rise in U.S. Treasury yields on bets that the Federal Reserve will delay rate cuts and on simmering worries that the situation in the Middle East could worsen.

On 16 April’24,the Indian rupee depreciated 9 paise, (slipped to a lifetime low) to 83.53 against the US dollar in early trade on Tuesday, weighed down by a strong American currency and elevated crude oil prices.Forex traders said a negative trend in domestic equities and sustained foreign fund outflows also dented investor sentiments.

Trading Guide:
Market experts have recommended four stocks to buy for today- COLPAL, Gujarat Gas, Mangalam Cement, and Cigniti Technologies.