Monday, February, 03,2025

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Indian stocks slump for fifth straight day, touching multi-month lows

New Delhi: Benchmark stock indices in India slumped for the fifth straight day, touching a multi-month low.

The fall was due to a host of factors, including relatively weak Q2 earnings, sustained foreign fund flows, and rising domestic inflation.

Sensex closed at 77,691 points, down 984 points or 1.25 per cent, while Nifty closed at 23,559 points, down 324 points or 1.36 per cent. All the sectoral indices were deep in the green.

"Indian equity markets slipped after opening in positive territory due to a sell-off across the sectors amid a rise in dollar index and relentless foreign outflows," said ICRA Analytics.

With the much-closely-watched US elections over, the Indian stock market's focus is largely focused on domestic factors -- foreign fund flows, the final phase of the Q2 earnings season, and the inflation trends. India's retail inflation was at 6.21 per cent in October, breaching the Reserve Bank of India's 6 per cent upper tolerance level.

So far in November, FPIs sold stocks worth Rs 23,911 crore.

In October, FPIs sold Rs 94,017 crore. Important to mention is that the total stocks they sold in India in October were the highest-ever in a month's time, National Securities Depository Limited data showed.

The Trump victory has added an element of high volatility to markets, said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"Investors should be cautious in investing in sectors like cement, metals and petroleum refining which are facing growth slowdown. Safety is sectors like banking, new age digital companies, hotels, pharma and IT where growth prospects are good," said Vijayakumar.

"The correction reflects investors' growing caution amid rich valuations and macroeconomic uncertainties, with both Nifty and Sensex falling to their respective five-month lows today," said Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher. 

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Harmony in relationships is your priority. Compromise and understanding will strengthen your bonds.

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Virgo

Focus on organization and details. A well-planned day will lead to productive results and personal satisfaction.

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Leo

Leadership will come naturally. Take charge of situations but remain humble for the best outcomes.

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Cancer

Emotional balance is key today. Spend quality time with loved ones to find comfort and clarity.

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Gemini

Today is perfect for networking and sharing ideas. Your adaptability will help you tackle unexpected changes with ease.

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Taurus

Patience will be your strength today. Financial matters might need attention, so think twice before making big decisions.

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Aries

Today brings opportunities for growth, but you'll need to stay focused. Trust your instincts to navigate challenges.

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Pisces

Your intuition will guide you. Trust your feelings and explore creative outlets for peace of mind.

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Aquarius

Innovation is your theme today. Explore unconventional ideas to solve lingering problems.

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Capricorn

Hard work pays off today. Your dedication and discipline will lead to well-deserved recognition.

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Sagittarius

Adventure is calling! Embrace new opportunities, but keep a balanced approach to risks.

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Scorpio

Your determination will be unmatched. Dive deep into tasks, but don't forget to take breaks to recharge.