On November 4, 2024, the Indian stock market witnessed a significant decline. The Nifty 50 index fell by 2%, closing below the 23,900 mark. This downturn was primarily driven by concerns about the upcoming US presidential election and potential Federal Reserve rate decisions.
Several factors contributed to the market's weakness:
- Global Uncertainty: The impending US election and potential changes in US monetary policy created a sense of global uncertainty, affecting investor sentiment.
- Sectoral Weakness: Banking, financial, and technology sectors experienced significant declines, further pulling down the overall market.
- FIIs Selling: Foreign Institutional Investors (FIIs) continued to sell their holdings in the Indian market, adding pressure to the indices.
While the market exhibited weakness, some experts recommended a few stocks with potential for 5-10% gains in the coming weeks, including Reliance, DMart, and CG Power.
It's important to note that the market is dynamic, and such fluctuations are not uncommon. Investors are advised to exercise caution and consider consulting with financial advisors before making any investment decisions.
