Stock Market Today: 8-Day winning streak comes to an end, Sensex Drops over 200 Points and Nifty Opens Lower in Early Trade

Stock Market Today: As investors awaited US payroll data, which was scheduled for release later in the day, to assess fresh indicators of a change in the Federal Reserve's rate hike plans, Indian equity indexes dipped early on Friday, halting an eight-day winning streak.
The broad NSE Nifty opened lower in early trade, mirroring the sea of red in other Asian indices, while the BSE Sensex index dropped 248.71 points to 63035.48.

The major Sensex laggards included Hindustan Unilever, Maruti, UltraTech Cement, Mahindra & Mahindra, Asian Paints, and Nestle. Tata Steel, Tech Mahindra, IndusInd Bank, Reliance Industries, and ITC were the winners.

Stock Market Today: Mehta Equities

"Due to weak Asian market cues, markets will probably consolidate and drift lower in early trades on Friday. The market is in an overbought technical state on a daily basis and keeps ignoring the recession warning from the US bond market "the senior vice president for research at Mehta Equities, Prashanth Tapse, said.

The highly anticipated US jobs report for November will be closely watched by investors around the world, he continued.

Both benchmarks had eight consecutive days of gains when they closed at a record high the previous session, setting a record for the sixth straight day.

The Sensex and Nifty have closed at new highs each day since the record-breaking spree began on Friday last week.

For a total of eight days in November, both benchmarks have closed at all-time highs.

Result of the Federal Reserve

However, despite the fact that foreign institutional investors (FIIs) sold shares worth Rs 1565.93 crore on Thursday, turning into net sellers, capital inflows have been strong in November as a result of the Federal Reserve's hints that it may slow the pace of its escalating rate hikes.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "Fed Chief Jerome Powell's remark that "it makes sense to reduce the pace of rate hikes has come as a shot in the arm for the bulls to take the ongoing surge further."

However, after Wall Street markets closed largely down overnight on Thursday, the bulls were restrained on Friday ahead of US non-farm payrolls data that was due to be released later in the day.

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