Stock market today: Nifty 50 ended 101 points, or 0.47 per cent, lower at 21,352.60 while the Sensex ended 360 points, or 0.51 per cent, lower at 70,319.04 on Thursday.
Market watchers say the trend of HFTs getting more active in the cash market could be driven by two factors. One, mid and small caps have outperformed large caps by a huge margin. Two, competition appears to be heating up in the equity futures and options segment
Sandip Sabharwal acknowledges the reality of the consumption slowdown and believes that it will likely bottom out when inflation stabilizes and a pickup occurs. However, he cautions that next year may not be as good as expected, citing disappointing results from largecap technology companies, insurance companies, HDFC Bank, and IndusInd Bank. When asked about buying HDFC Bank, Sabharwal advises caution for those already heavily invested in the stock and suggests considering other stocks.
Ashish Gupta, CIO, Axis Mutual Fund, says stronger economic growth prospects and an improved earnings outlook are expected to augur well for equities in 2024.