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More than 50% of stocks across major Indian indices have fallen below their 200-day moving average amid a market correction, with over 400 stocks experiencing significant declines. Analysts advise caution, particularly with low-volume stocks, while suggesting that fundamentally strong companies may find support at this level. Foreign investors have offloaded substantial amounts, contributing to the bearish sentiment, as concerns over geopolitical tensions and weak earnings persist.
Nifty experienced its longest losing streak since February 2023, declining for the seventh consecutive session amid a sell-off in IT and energy stocks. The Sensex swung 900 points, closing down 241.30 points at 77,339.01, as investor sentiment turned cautious due to concerns over US Fed interest rate cuts and disappointing Q2 earnings. Market participants are advised to wait for further developments before anticipating a rebound, although reduced foreign outflows and domestic buying may offer some support.
Mid and smallcap indices are showing resilience amid a broader market selloff, driven by strong investor interest despite recent valuation concerns. After a significant correction of 20-30% in these stocks, experts suggest a stock-specific approach, emphasizing fairly-valued largecaps with good earnings visibility.
Nifty and Sensex opened lower on October 30, ending a two-day rally, as pharma stocks declined despite positive global cues. At 9:20 am, Sensex fell 181.23 points to 80,187.80, while Nifty dropped 60.30 points to 24,406.50. Market sentiment remains cautious, but strong liquidity and reduced FIIs selling could support a positive outlook if Nifty holds above 24,360.
The Sensex and Nifty faced challenges as volatility increased, with the India VIX rising to 15, reflecting market uncertainty. At 9:40 AM, the Sensex was down 163 points at 80,056, while the Nifty fell 66 points to 24,405, amid pressure on auto and power stocks despite gains in financial and IT sectors. Factors such as the upcoming US Presidential elections, Middle East conflicts, weak Q2 earnings, and persistent selling by Foreign Institutional Investors have contributed to the market's struggles.
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