Last Updated: November 10, 2023, 09:55 IST
Sensex Today: Domestic equities had been on a backfoot on Friday as hawkish assertion by the US Fed chair, Jerome Powell, in a single day hit sentiment. The S&P BSE Sense fell 224 factors to 64,608 ranges, whereas the Nifty50 opened beneath 19,350 ranges, down 53 factors.
In the broader markets, the BSE MidCap index dropped 0.2 per cent, however the BSE Smallcap index added 0.02 per cent.
Among particular person shares, shares of Muthoot Finance tumbled 7 per cent after the lender’s web non-performing belongings elevated in q2Fy24, whereas maegins contratced sharply.
Those of Tata Motors, in the meantime, gained 0.3 per cent after Moody’s upgraded Tata Motors company household score (CFR) from ‘B1’ to ‘Ba3’, reflecting continued enchancment within the firm’s credit score profile.
Piramal Enterprises shares dropped 2 per cent at the same time as the corporate turned again to black with a web revenue of Rs 48 crore in Q2FY24 quarter as in comparison with a web lack of Rs 1,536 crore within the 12 months-in the past interval.
Among sectors, the Nifty Bank, Auto, Financial Services, FMCG, Media, Pharma, and PSU financial institution indices fell between 0.2 per cent and 0.4 per cent. The Nifty Metal index was the one gainer, up 0.02 per cent.
Stock Market View: Dr. V Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The 8-day profitable streak in S&P 500 was halted by a barely hawkish assertion from the Fed chief Jerome Powell that “the Fed will not hesitate to tighten policy if needed.” The lingering concern that ‘the rates may remain higher for longer’ will proceed as a headwind for inventory markets for a while, however is unlikely to tug it down meaningfully. The Indian market texture signifies that the ‘buy on dips’ technique will proceed to work. In Samvat 2080, Financials are more likely to do effectively supported by engaging valuations and spectacular progress. Sustained FII promoting in financials, which is impacting the sector, will likely be solely non permanent. For traders with a 2-12 months time horizon, the main non-public banks and three or 4 PSU banks are good buys with good return potential.
The mid and small-cap rally is partly pushed by retail exuberance and for the reason that valuations on this broader market is excessive, traders must train some warning.
