Stock Market Update: Fourth Day of Slow Trading

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    Both the Sensex and Nifty experienced losses for the fourth straight day. FMCG and auto stocks saw selling pressure after major companies reported disappointing results.

    The Sensex and Nifty dropped for the fourth consecutive day, with FMCG and auto stocks facing selling pressure due to disappointing results from major companies. Ongoing foreign sales affected market sentiment. The rupee ended flat at 84.07 against the dollar, while crude oil was priced at $76.45, up 1.99%. In Asian markets, Tokyo gained, but Seoul and Shanghai lost ground. European indices showed gains.

    The Sensex opened at 80,098.30, up 17 points from the previous close of 80,081.98. After dropping to a low of 79,813.02 in early trading, it later recovered, reaching a high of 80,259.82. However, it ended with a loss of 16.82 points at 80,065.16. The Nifty fell by 36.10 points, settling at 24,399.40, after fluctuating between 24,341.20 and 24,480.65 during the day.

    Out of 30 Sensex shares, 11 traded lower. Notable losses included Nestlé (-2.88%), ITC (-1.81%), Maruti (-1.61%), Asian Paints (-0.65%), TCS (-0.46%), and Infosys (-0.38%). On the upside, Ultratech gained 2.77%, M&M 1.35%, Titan 1.28%, SBI 1.15%, Adani Ports 1.02%, and NTPC 0.86%.

    In sector performance, FMCG fell by 2.66%, real estate by 1.21%, telecom by 1.02%, IT by 0.64%, and industrials by 0.62%. However, healthcare, banking, power, commodities, energy, and utilities showed positive performance. On the BSE, 2,349 stocks ended in the red, while 1,584 gained, and 100 remained unchanged.

    Ashok Leyland Electric Bus Order

    Ashok Leyland announced that its subsidiary, OHM Global Mobility, received an order for 500 electric buses from the Chennai Metropolitan Transport Corporation.

    Share Market Update: Top Gainers and Losers on the NSE

    Top Gainers:

    • Ultratech Cement: +2.66%
    • Shriram Finance: +1.82%
    • M&M: +1.48%
    • Titan: +1.45%
    • Grasim: +1.40%

    Top Losers:

    • Hindustan Unilever: -5.81%
    • SBI Life: -4.67%
    • Hindalco: -3.71%
    • Nestlé India: -2.76%
    • Bajaj Auto: -2.69%

    Mid and Small-Cap Stocks Decline

    Mid and small-cap stocks struggled to keep their momentum after a strong rebound in the previous session. The Nifty Midcap 100 fell by 0.32%, while the Nifty Smallcap 100 dropped by 0.20%.

    Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the market is facing a significant challenge due to unprecedented and sustained selling by foreign institutional investors (FIIs), which has reached ₹93,088 crores as of October 23, according to NSDL data. The primary reason for this FII outflow is the high valuations in India compared to the more attractive valuations in markets like China and Hong Kong.

    He mentioned that this selling trend is worsened by reports of slowing corporate earnings. An upward market trend is difficult to maintain when earnings growth is declining, leading to selling pressure at every rise. Vijayakumar advised investors to be cautious and avoid chasing temporary rallies, suggesting that high-quality financial and IT stocks should be bought on dips. He also recommended gradually accumulating digital stocks that show consistent growth during declines.

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