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On Wednesday, December 20, bears took hold of D-Street in the late afternoon, resulting in significant losses for the domestic benchmark indices, Sensex and Nifty 50. The correction is long overdue, according to market observers, who blamed the crash on profit-taking on mid- and small-cap stocks that were overvalued.
The Nifty 50 closed at 21,106.40, down 1.62 percent or 346 points today, while the 30-share BSE Sensex settled at 70,385.09, down 1,052.10 points or 1.47 percent. The Nifty 50 is on track to have its best month since July 2022 after adding roughly 7% in December.

The Nifty Smallcap 100 index fell 5% from the day’s high to a low of 14,951, while the Nifty Midcap 100 index fell 4.5% from the day’s high. Due to expectations of a rate cut in the first half of 2024, IT companies, which primarily get their revenue from the US market, have gained almost 10% in the last two weeks.
In the midst of heavy selling in the equity markets due to worries about oil supplies via the Red Sea route, investor sentiment soured and the rupee ended flat against the US dollar at 83.18.

Although the US dollar index below 102 offered support, foreign fund outflow in the context of volatile crude oil prices, according to forex traders, weighed down the currency. The dollar index, which measures the strength of the US dollar relative to a basket of six other currencies, was up 0.08 percent at 101.87 on Wednesday.
Following a slight increase on Wall Street, Asian stocks saw significant gains on Wednesday, with investors hoping that Japan’s efforts to keep interest rates low for investors would signal similar trends throughout the rest of the world. After two days of gains, US futures increased while oil prices remained essentially unchanged.

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