November 14, 2024
New Delhi, India
Stock Market Live
India’s benchmark indices, Sensex and Nifty, faced a volatile trading session today, with significant losses by the close. Rising inflation concerns, coupled with fears of reduced chances for a rate cut by the Reserve Bank of India (RBI), weighed heavily on market sentiment.
Key Market Highlights:
- Sensex declined by 110 points (0.14%) to settle at 77,580
- Nifty dropped 26 points (0.11%) to close at 23,532
Rupee dropped record low at 84.417, USDINR up +0.0210 (0.02%) today.
Sectoral Performance:
- FMCG, Power, PSU Bank, and Oil & Gas sectors experienced declines ranging from 0.3-1%.
- Auto, Media, and Realty sectors showed gains between 0.6-2%.
Major losers on the Nifty included HUL, BPCL, Tata Consumer, Nestle, and Britannia. On the flip side, Eicher Motors, Hero MotoCorp, Reliance Industries, HDFC Life, and Kotak Mahindra Bank emerged as top gainers.
Factors Driving the Market Down:
- Inflation Concerns:
- Rising domestic inflation diminished expectations for a near-term rate cut by the RBI.
- Inflationary pressure cast doubts on economic recovery and corporate earnings prospects.
- Foreign Outflows:
- There was significant $15 billion foreign outflow in recent weeks, adding to market volatility.
- Investor sentiment dampened, especially among global investors cautious about rising inflation data.
- Technical Correction:
- Nifty ended 10.34% below its record high from September 27, indicating a technical correction phase.
- Both midcap and smallcap stocks also faced declines of over 10% from their September highs.
Global Market Influence:
- Weakness in Chinese markets and uncertain global inflation data also weighed on equities.
- Despite an increased probability of a Federal Reserve rate cut in December, global market sentiment remained edgy.
As the markets closed in red for the third consecutive day, investors are advised to stay cautious and focus on quality stocks. The persistent market uncertainty, fueled by inflation fears and foreign fund outflows, signals a challenging environment ahead.
USDINR Today: Rupee Flat Near Record Low Amid Rising WPI Inflation and Foreign Outflows
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