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Indian benchmarks Sensex and Nifty opened flat on December 9 but declined as FMCG stocks, particularly Godrej Consumer, fell sharply following a weak sales forecast. At 10:00 AM, Sensex was down 207 points at 81,501, while Nifty dropped 66 points to 24,611.40. Despite this, broader markets showed resilience, with BSE midcap and smallcap indices rising 0.1 percent each.
Indian markets are unlikely to see a significant rally until corporate earnings improve, as recent Q2 results led to steep downgrades, particularly in the oil refining sector. Experts suggest that it may take another 2-3 quarters for a meaningful recovery, with current valuations appearing stretched. Investor sentiment remains cautious amid foreign outflows and a strengthening dollar, with Q3 results seen as a potential catalyst for market movement.
Benchmark indices Nifty and Sensex saw a recovery on November 22, buoyed by gains in public sector banks and IT stocks, despite foreign institutional investors offloading over ₹5,000 crore in the cash market. The Sensex rose by 599.21 points to 77,755.00, while the Nifty increased by 190.10 points to 23,540.00, supported by positive global cues and a rebound from previous losses linked to Adani Group stocks. Aishvarya Dadheech, Founder and CIO of Fident Asset Management, noted a gradual emergence of valuation comfort in the market.
Benchmark indices Nifty and Sensex continued their decline for the seventh consecutive session, with the Nifty dropping below 23,400 amid a significant downturn in IT stocks. Concerns over slower US interest rate cuts and rising import prices have shifted market sentiment from "buy the dip" to "sell on the rise." As of 10 am, the Sensex was down 390.49 points at 77,189.82, while 1,131 shares advanced and 2,132 shares declined.
Aishvarya Dadheech
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