https://drive.google.com/file/d/1fvpFkGZrOQeHg2C1I856SPAG3EysGZT2/view?usp=drivesdk
🐻 Sensex snapped its record-setting streak, dropping 503 points to close below 26,050 as investors booked profits after the recent rally. Foreign funds continued to be net sellers.
🐻 Institutional caution was visible as insurance firms were reported to have trimmed their stakes in 10 large-cap stocks during the September quarter, indicating portfolio rebalancing.
🐂 On the macro front, a positive signal emerged with a report from CareEdge suggesting the RBI might cut the repo rate by 25 basis points in December, thanks to low inflation and strong growth momentum.
🐂 Vedanta Resources received a significant vote of confidence as S&P Global Ratings upgraded its outlook to ‘positive’ from ‘stable’, citing an expected improvement in its cost structure.
🐂 The primary market continues to show strength, with reports of food delivery giant Swiggy planning to launch a Rs 10,000 crore share sale as early as next week.
The market took a well-deserved breather today, stepping back from all-time highs. The day’s narrative was dominated by profit-taking, a natural response to the sharp run-up, with institutional investors also seen trimming some positions. However, this dip appears to be more of a consolidation than a reversal. The underlying sentiment remains supported by strong domestic cues, chief among them the growing expectation of an RBI rate cut. This, combined with positive corporate-specific news and a buzzing IPO pipeline, suggests that the fundamental drivers of the market are still intact.
Stay sharp.
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