Stock market today: Extending Monday’s late sell-off  into  another session,  Indian stock market  benchmark indices  fell  further  on Tuesday. The  Nifty 50 index opened  marginally  higher at  21,751,  but  quickly  came under  selling pressure  and  hit an  intraday low of  21,555, registering an intraday  loss of  about  186 points on Tuesday.  

 Sensex today opened higher at 72,332 and touched  an  intraday low of  71,613, registering a loss of  over 650 points  in Tuesday’s trading session.

  Similarly,  the  Nifty Bank index today opened  at  48,194  and  touched an  intraday low of 47,814 within  hours of  the  stock  market opening.  Why  did the stock  market  decline  today? 

 According to stock  experts, the Indian stock  market  today dropped due to two main reasons: the first and most important reason is the overbought condition of the Indian stock market and the second is the leopard season. upcoming third quarter 2024 earnings report. rebalancing ahead of the new earnings season and overbought conditions in major benchmarks are ideal to trigger profit-taking.

 On why the  Indian stock market is down  today, Sandeep Pandey,  founder of  Basav  Capital, said: “The Indian  stock market  is  in  an  overbought  mode.  In  the  last two months,  the  Nifty 50 index has  increased by nearly  3,000 points,  the  BSE Sensex  has increased by about  9,400 points  during  this period  while the  Nifty Bank index  has increased by about  6,350 points  during  this  period. More  importantly, this  increase  in  the  Indian  market continues. Therefore,  this correction  must be considered  a healthy correction  as  profit  recognition  by  DIIs and FIIs  is late. »  

Referring to the  upcoming Q3FY24  earnings  season, Saurabh Jain, Vice  President, Research,  SMC Global  Securities,  said,  “Earnings accounting is delayed  as FIIs and DIIs  have  remained net  long for the past  two  months .  This profit  taking is also  expected  by many  as  the third quarter earnings  season is about to begin and  the  Indian market has a  habit  of rebalancing  before the third quarter earnings  season  at  the beginning of  the  new year.  

Therefore,  this is just a  profit-taking  and  market  rebalancing  activity when  preparing for the upcoming  earnings reporting season. »  

 Stocks  should be bought  today 

 On stocks to  watch  in  the  current season,  SMC Global’s  Saurabh Jain  said  one can look at stocks in  the capital,  infrastructure,  hospitality  and FMCG  sectors.  

 Advising bottom fishers to look at  top  large-cap stocks, Sandeep Pandey of Basav Capital  said:  “In  the  recent rally,  it is the mid-  and small-cap stocks  that  have  recovered  the  most, in while the top  large-cap stocks  do not. remains  fully  engaged  in this  increase. orient yourself. So I  advise bottom fishers to look at  50  Nifty  stocks like Tata  Consumer,  ITC, JSW Steel and  Wipro. »  

 Sandep Pandey said  one can  also  look at Coal  India’s inventory levels. However,  it is not a  stock  listed  in Nifty.  

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