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Indian stock market slips for fifth consecutive series for first time in 29 years, end flat

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Mumbai (Maharashtra) [India], February 27 (ANI): Indian stock markets on Thursday ended near the flatline, slipping for the fifth consecutive series for the first time in 29 years.

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At the close of the trading session today, the Nifty 50 at the National Stock Exchange (NSE) was down 2.50 points, or 0.01 percent, at 22,545.05.

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The BSE Sensex was up 10.31 points, or 0.01 percent, at 74,612.43.

During the trading, approximately 97 shares were constant, 2925 shares fell, and 892 shares increased.

At NSE, stocks of Shriram Finance, Bajaj Finance, Bajaj Finserv, Sun Pharma, and Hindalco Industries emerged as the major gainers, while UltraTech Cement, Trent, Jio Financial, Bajaj Auto and Tata Motors were the losers.

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In the sectoral indices, banks and metals ended in green while all the other indices were in the red zone.

On BSE, the Midcap index shed 1 per cent, and the small-cap index fell 2 per cent.

"The Nifty index has closed in the red zone for the fifth consecutive month, marking a decline of almost 13 per cent compared to its peak. Historically, whenever these patterns arose, Nifty tended to correct up to 30 per cent, which has occurred twice before," VLA Ambala, co-founder of Stock Market Today.

"Amid this correction, several fundamentally strong companies have reported positive results in Q3 and have managed to maintain a robust order book for the next three to four quarters, making this a good opportunity for investors to focus on long-term growth potential," she said.

According to market analysts, the current global economic developments, geopolitical tensions, and macroeconomic challenges pose significant risks to market stability.

Additionally, the strong increase in the US dollar in recent months has contributed to the depreciation of the Indian rupee, along with high inflation contributing to slow GDP growth and the decline in forex reserves.

"Overall, the market's direction appeared influenced by a mix of policy changes, corporate announcements, and investor sentiment ahead of key economic events. In the financial sector, stocks experienced an uptick following the Reserve Bank of India's decision to relax lending regulations for small borrowers and non-bank lenders," said Ameya Ranadive, Chartered Market Technician, CFTe, Sr. Technical Analyst, StoxBox.

The volatility index, India VIX, cooled off by 2.97 percent to 13.31, indicating a decline in market volatility. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)

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