Indian Stock Markets Continue Slide,Sensex, Nifty Down for 4th Day

Ira Singh
Khabar Khabaron Ki,08 May’24

The domestic equity market indices fell for the 4th straight session on Wednesday, weighed down by losses in banks and FMCG counters. Besides,the uncertainty surrounding the general election results and subdued corporate earnings also dented investor sentiments.
At close,the Sensex was down 45.46 points or 0.06 percent at 73,466.39,while the Nifty remained unchanged at 22,302.50 points. 2133 stocks advanced, 1661 declined, and 132 remained unchanged.

Highlights of trade:
●TBO Tek, Aadhar Housing Finance IPOs open today,
●Fitch sees Rupee rebounding to 82/dollar on bond inflows,
●JSW Energy rises 6% on 22% YoY jump in Q4 profit,
●L&T, Hero Moto, BSE, TVS Motor to declare Q4 results,
●PB Fintech trades flat on reporting Q4 PAT of Rs 64 cr,
●Dr Reddy’s falls 4% on 36% YoY jump in Q4 profit.

On the sectoral front, gainers include Nifty PSU bank up 1.8% and Oil & Gas led gainers with a 1.7% rise, followed by Nifty Metal and Auto, each up by 1.48%. However, Nifty Private Bank witnessed the steepest decline, down by 0.8%.Both BSE Smallcap and Midcap indices edged up by 0.5 percent each. Both the indices had fallen nearly 2 percent each in the previous session.

Rupee Close:
On 08 May’24,the Indian rupee settled for the day on a flat note at 83.51 against the US dollar on Wednesday, as the support from easing crude oil prices was negated by strong dollar demand. Forex traders said a muted trend in domestic equities and significant foreign fund outflows dented investors’ sentiments

Trading Guide:
Market experts have recommended four buy or sell stocks for today- Supreme Industries, Siemens, Westlife Foodworld, and CG Power & Industrial Solutions

Analysts view consolidation as the prevailing theme for the week. “Markets are likely to undergo a period of consolidation amid the election overhang and the lower voter turnout,” said Nirav Karkera, Head of Research at Fisdom.