India's two stock market indices took a slight hit on the first day of the week. Tuesday saw another blow as the market opened. A decline was visible in both Sensex and Nifty right from the start. Within a short time after Tuesday's market opening, just before 9:45 AM, the Sensex had fallen by more than 400 points to around 84,806 points. Meanwhile, Nifty 50 dropped by around 113 points, standing near 25,910 points.
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Why the decline?
Experts say India's share market is facing pressure due to various reasons, from continuous foreign investment outflow from Indian markets to the rupee's declining value against the dollar. The rupee's value dropped again on Monday. The rupee's rate per dollar fell below 90 on Monday. According to a Mint report, Yatin Trivedi, VP of Research Analysis in the Commodity and Currency division at LKP Securities, believes the rupee's value is declining due to delays in the India-US trade agreement and continuous foreign investment withdrawal. Along with this, gold and silver prices are rising correspondingly.
According to Vinod Nair, Research Head at Geojit Investment, the market will now remain in a narrow range due to the rupee's weakness and foreign investment outflow. He believes the market won't achieve stability in the true sense unless there's a clear understanding of the India-US trade agreement's position. He thinks the global economy and share market will also depend on inflation data, unemployment data, and interest rates in America.
Which stocks can be watched for Tuesday?
Several stocks can be watched for Tuesday's market as well. According to Mint's report, Sumeet Bagadia from Choice Broking, Ganesh Dongre from Anand Rathi, and Shiju Koothupalakkal from Prabhudas Lilladher have suggested several stocks for intra-day trading.
Hindustan Zinc:
Buy: ₹567, Target: ₹607, Stop Loss: ₹547
Federal Bank:
Buy: ₹265, Target: ₹285, Stop Loss: ₹255
HAL:
Buy: ₹4320, Target: ₹4500, Stop Loss: ₹4200
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Bharti Airtel:
Buy: ₹2070, Target: ₹2125, Stop Loss: ₹2040
Marico:
Buy: ₹737, Target: ₹750, Stop Loss: ₹725
Netweb Technologies:
Buy: ₹3330, Target: ₹3500, Stop Loss: ₹3275
Godawari Power:
Buy: ₹247, Target: ₹262, Stop Loss: ₹242
Thomas Cook:
Buy: ₹144, Target: ₹154, Stop Loss: ₹141
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
