stock market today: The Indian stock market has been under selling pressure for the last seven sessions. In this time, the BSE Sensex has fallen from around 61,319 to 58,900, a decline of around 2,500 points or 4 per cent in this time. According to stock market experts, the Sensex may fall further as investors are moving money from equities to the forex market, especially in the US dollar. He said that the dollar index may touch 107 in the near term and the Sensex may fall to 58,400 to 57,500 levels in the near term.
US Fed meeting in discussion
Anuj Gupta, Vice President – Research AT, speaking on the reasons for the fall in Sensex and other benchmark indices IIFL Securities Said, “Sensex and other major benchmark indices have been falling since last seven sessions due to rising US dollar rate. In last seven sessions, US dollar index has climbed above 105 level and it may go up to 107 level in near term.” The reason for the strengthening of the US dollar is the rising concern of US inflation after stronger than expected US economic data in recent weeks. Signs are dropping for the Fed to raise interest rates by up to 25 bps.”
Anuj Gupta of IIFL Securities said the market is expected to remain in ‘sell on rise’ mode till the next US Fed meeting, which is scheduled on March 15 to 16, 2023.
Auto, realty stocks up
the unveiling Investment Strategy for stock market investors in this bearish stock market Ravi Singhal, CEO, GCL Broking said, “Rising interest rates are going to put pressure on auto and realty stocks and any rally in auto and realty stocks will be counterproductive.” should be treated as a relief rally.” And till the outcome of US Fed meeting becomes public, sell strategy should be maintained on rise in auto and realty stocks.”
Buying on decline in IT, metal stocks
Advising stock market investors to take advantage of the fall Rupee Against the US Dollar, Anuj Gupta of IIFL Securities said, “Since the US Fed meeting is about a fortnight away, I would not be surprised if the dollar index breaks the 107 resistance and goes towards 110 levels in the near term. Indian National Rupee (INR) may move towards 83.50 levels against US Dollar. Hence, falling rupee may provide premium to IT and metal companies in near term and hence we may see some safe buying in IT and metal stocks in near term . Hence, investors are advised to look into buying major IT and metal stocks after every major fall in the market.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.