KEY HIGHLIGHTS
US Market Update: Future Rises Ahead Of Fed Chair's Speech
As of 3:43 p.m., the Dow Jones Industrial Average future was 0.11% higher at 44,154.00. The S&P 500 future was 0.06% higher at 6,019.50.
The Nasdaq 100 future was 0.02% higher at 21,163.50.
Economic Data Releases And Events For Nov 14 & 15
US: Federal Reserve Governor Adriana Kugler will speak at the 2024 Latin American Meeting, in Uruguay — 5:30 p.m.
Europe: ECB Monetary Policy Meeting Accounts — 6:00 p.m.
UK: External Bank of England Monetary Policy Committee Member Catherine Mann will speak at the Society of Professional Economists Annual Conference, in London — 6:30 p.m.
US: PPI — 7:00 p.m.
US: Weekly Umemployment Claims — 7:00 p.m.
US: Fed Richmond President Thomas Barkin will speak at an event hosted by the central bank — 7:30 p.m.
US: Energy Information Administration Weekly Natural Gas Storage Report — 9:00 p.m.
US: EIA Weekly US Crude Oil Inventories — 9:30
Europe: European Central Bank President Christine Lagarde will speak at the Choiseul Sovereignty Awards Ceremony, in Paris — 12:30 a.m.
US: Fed Chair Jerome Powell will speak at an event hosted by the central bank at Dallas — 1:30 a.m.
UK: BOE Governor Andrew Bailey will speak at the Mansion House Dinner, in London — 2:30 a.m.
US: Fed New York President John Williams will speak at an event hosted by the central bank at New York
Japan: Preliminary GDP — 5:20 a.m.
China: New Home Prices — 7:00 a.m.
China: Industria Production — 7:30 a.m.
China: Retail Sales — 7:30 a.m.
China: Unemployment rate — 7:30 a.m.
Japan: Revised Industries Production — 10:00 a.m.
Germany: Germany WPI — 12:30 p.m.
UK: GPD — 12:30 p.m.
UK: Industrial Production — 12:30 p.m.
China: Foreign Direct Investment
US: Retail sales — 7:30 p.m.
US: Fed of Boston President Susan Collins will speak at a conference hosted by the central bank at Boston— 7:30 p.m.
US: Industrial Production — 7:45 p.m.
US: Business Inventories — 8:30 p.m.
US: Fed New York President John Williams will speak at alumni event hosted by the central bank at New York — 11:45 a.m.
Nifty Records Longest Losing Streak In Over A Month; HUL, ITC Top Draggers; Market Wrap
The NSE Nifty and BSE Sensex ended lower for second week in a row as earnings from India Inc. continued to weigh on investors' sentiment. Moreover, increase in safe–haven assets like the dollar index, and US treasury yields weighed on risk assets like emerging markets' equities, which affected Indian stock markets as well.
The Nifty 50 ended lower for six session in a row and recorded the worst declining streak since Oct 7. It ended 0.11% lower at 23,532.70. The Sensex ended 0.14% down at 77,580.31.
Indian financial markets are closed for observance of Guru Nanak Jayanti.
During the session, the Nifty 50 rose 0.50% to 23,675.90, and the Sensex rose 0.47% to 78,055.52.
The NSE India Volatility Index fell 13.14% to 13.41, the lowest level since Nov 12. It ended 4.28% lower at 14.78.
Eicher Motors jumped 8.37% to Rs 4,973 apiece as brokerages remained cautiously optimistic outlook on the stock after its earning came in line with the estimates.
The NSE Nifty FMCG index declined 1.66% to 55,708.30, the lowest level since June 5. The index ended 1.53% down at 55,782.70 on Thursday.
The Sensex ended 0.14% down at 77,580.31 on Nov 14.
The Sensex ended 0.14% down at 77,580.31 on Nov 14.
The Nifty 50 ended 0.11% lower at 23,532.70.
The Nifty 50 ended 0.11% lower at 23,532.70.
"Technically, on weekly charts, it has formed long bearish candle and on daily charts, it is holding lower top formation, which is largely negative. We are of the view that, the current market texture is weak but oversold, for the positional traders now, 200–day simple moving average or 23,500/77,400 would act as a sacrosanct support zone. Above the same, we could expect one quick technical pullback rally. On the higher side, the market could bounce back till 23,800-24,000/78,500-79,000. However, dismissal of 23,500/77,400 could trigger further weakness. Below which, it could slip till 23,300-23,200/77,000-76600," said Amol Athawale, vice president, technical research, Kotak Securities.
The Nifty Bank ended 0.18% higher at 50,179.55.
The Nifty Bank ended 0.18% higher at 50,179.55.
Hindustan Unilever Ltd., ITC Ltd., NTPC Ltd., Power Grid Corp of India Ltd., and Tata Motors Ltd. weighed on the NSE Nifty benchmark index.
Reliance Industries Ltd., HDFC Bank Ltd., Eicher Motors Ltd., ICICI Bank Ltd., and Kotak Mahindra Bank Ltd. limited losses in the Nifty 50 index.
Top contribution to the NSE Nifty 50 index.
Top contribution to the NSE Nifty 50 index.
Broader markets outperformed benchmark indices, The BSE Midcap and Smallcap indices ended 0.43% and 0.83% higher, respectively.
On BSE, 10 sectoral indices ended higher, seven lower, and four sectors remained unchanged out of 21. The BSE Realty rose the most, and BSE FMCG declined the most.
Market breadth was skewed in favour of buyers. Around 2,172 stocks declined, 1,786 stocks advanced, and 92 stocks remained unchanged on BSE.
On a weekly basis, the Nifty 50 and Sensex declined over 2% in the week ended on Nov 14. The Nifty 50 and Sensex ended 2.55% and 2.40% down, respectively.
This week on NSE, 11 sectors ended lower and one ended higher out of 12. The NSE Nifty Metal declined the most, while the NSE Nifty IT was the best performing sector.
Most sectoral indices ended lower on NSE.
Most sectoral indices ended lower on NSE.
Rupee Ends Flat Against US Dollar
Rupee Ends Flat Against US Dollar Rupee closed flat at 84.39 against the US dollar. It closed at 84.39 on Wednesday., according to data on Bloomberg
The India rupee ended 0.03% down at 84.4 against the US dollar on Nov 14.
The India rupee ended 0.03% down at 84.4 against the US dollar on Nov 14.
Market At Close
The NSE Nifty 50 and BSE Sensex declined for a second week in a row.
The benchmark indices ended with marginal gains on Thursday.
Eicher Motors Ltd. Hero MotoCorp Ltd., and Grasim Industries Ltd. were top gainers in the Nifty 50 index.
Hindustan Unilever Ltd., Bharat Petroleum Corp Ltd., and Britannia Industries were top losers in the NSE Nifty 50 index.
The NSE Nifty FMCG index declined 1.66% to 55,708.30, the lowest level since June 5. The index ended 1.53% down at 55,782.70.
The NSE Nifty Midcap 150 ended 0.47% higher at 20,105.25.
The NSE Nifty Smallcap 250 ended 0.79% higher at 16,801.55.
E.I.D. - Parry (India) Q2 Highlights (Consolidated, YoY)
Revenue up 3% to Rs 9,330.35 crore versus Rs 9,059.48 crore.
Net profit down 24% to Rs 591.66 crore versus Rs 781.85 crore.
Ebitda down 8% to Rs 971.71 crore versus Rs 1,057.47 crore.
Margin at 10.4% versus 11.7%.
Bharat Forge Targets That European Business To Breakeven By Year End, Vice Chair Says
Bharat Forge Ltd. target that the European business to breakeven by year end, said Amit Kalyani, vice chairman and joint managing director. Bharat Forge have an enabling resolution of raising up to Rs 2000 crores.
Bharat Forge should be breakeven levels despite lower volumes, Kalyani said in an interview to NDTV Profit.
Europe FX Update: Euro Falls Against US Dollar Before GDP Data
The Euro declined against the US dollar as market participants await the release of Eurozone GDP data, scheduled for release later today.
The Euro was down 0.27% at 1.0536 a dollar as of 2:42 p.m. The Pound sterling was down 0.33% to 1.2666 a dollar.
The dollar index, which measures the strength of the US unit against six major currencies, surged to 106.76, the highest level since Nov 1. The index was trading 0.24% higher at 106.74 as of 2:52 p.m.
Stock Market Live: Vodafone Idea Q2 Earnings Call
In India, the need for connectivity is constantly increasing
Digital India programme has been a significant catalyst
Wireless broadband consumer base has increased considerably
Further tariff hikes are needed for the industry
Source: Akshaya Moondra, CEO at Vodafone Idea's earnings conference call.
Stock Market Today: India VIX Pare Losses After Falling Over 13%
The India NSE Volatility Index fell 13.14% to 13.41, the lowest level since Nov 12. The index was trading 3.85% down at 14.84 as of 2:29 p.m., as compared to 0.10% decline in the NSE Nifty 50 index.
The India VIX was down 4.00% to 14.82
The India VIX was down 4.00% to 14.82
Stock Market Live: Som Distilleries & Breweries Share Price Falls After Reporting Ebitda Loss
Som Distilleries Q2 Highlights (Consolidated, YoY)
Revenue up 23% at Rs 290 crore versus Rs 248 crore.
Ebitda loss of Rs 3.1 crore versus profit of Rs 27.2 crore.
Net profit up 25.9% at Rs 18.7 crore versus Rs 14.9 crore.
Som Distilleries & Breweries Ltd. share price was 0.88% down at Rs 101.39 apiece.
Som Distilleries & Breweries Ltd. share price was 0.88% down at Rs 101.39 apiece.
European Market Update: Most Stocks Rise Ahead Of Eurozone GDP
Most share indices in the Europe rose on Thursday as market participants braced themselves for the Eurozone GPD data, scheduled for release later today.
Europe stocks rose Thursday.
Europe stocks rose Thursday.
Stock Market Today: Jyoti CNC To Spend Rs 400 Crore
Jyoti CNC Automation Ltd. will spend Rs 400 crore on capacity expansion over the next two fiscal years, according to an exchange filing.
Stock Market Today: IPCA Laboratories Share Price Soars After
IPCA Labs Q2 Highlights (Consolidated, YoY)
Net profit up 58% at Rs 229 crore versus Rs 145 crore.
Revenue up 15.8% at Rs 2,355 crore versus Rs 2,034 crore.
Ebitda up 22.8% at Rs 442 crore versus Rs 360 crore.
Margin at 18.8% versus 17.7%.
IPCA Laboratories share price was 2.07% higher at Rs 1,536.00 apiece.
IPCA Laboratories share price was 2.07% higher at Rs 1,536.00 apiece.
Stock Market Live Updates: HAL Share Price Erases Loss After Q2 Net Profit Rises
Hindustan Aeronautics Q2 Highlights (Consolidated, YoY)
Revenue up 6% at Rs 5,976 crore versus Rs 5,636 crore.
Ebitda up 7.4% at Rs 1,640 crore versus Rs 1,528 crore.
Margin at 27.4% versus 27.1%.
Net profit up 22% at Rs 1,510 crore versus Rs 1,237 crore.
Hindustan Aeronautics Ltd. share price was 1.48% to Rs 4,127.10 apiece.
Hindustan Aeronautics Ltd. share price was 1.48% to Rs 4,127.10 apiece.
Stock Market Today: Bharat Forge Share Price Off Lows
Bharat Forge Q2 Highlights (Consolidated, YoY)
Net profit up 13.6% at Rs 243 crore versus Rs 214 crore.
Revenue down 2.3% at Rs 3,689 crore versus Rs 3,774 crore.
Ebitda up 4.2% at Rs 647 crore versus Rs 621 crore.
Margin at 17.5% versus 16.5%.
Bharat Forge share price was 0.59% to Rs 1,329.35 apiece.
Bharat Forge share price was 0.59% to Rs 1,329.35 apiece.
Stock Market Live: Kirloskar Industries Share Price Declines After Q2 Results
Kirloskar Industries Q2 Highlights (Consolidated, YoY)
Revenue up 7% at Rs 1,688 crore versus Rs 1,578 crore.
Ebitda down 19.6% at Rs 212 crore versus Rs 263 crore.
Margin at 12.5% versus 17%.
Net profit up 0.4% at Rs 92 crore versus Rs 91.2 crore.
Kirloskar Industries share price was 1.26% to Rs 4,680.00 apiece.
Kirloskar Industries share price was 1.26% to Rs 4,680.00 apiece.
For fast updates on second quarter earnings click here.
Stock Market Today: Agro Tech Foods Approves Acquisition Of Del Monte Foods
Agro Tech Foods Ltd has approved the acquisition of Del Monte Foods for Rs 1,300 crore, according to an exchange filing.
Stock Market Live Updates Today: Nifty FMCG Falls To Over Four–Month Low
The NSE Nifty FMCG index declined 1.38% to 55,867.60, the lowest level since June 24. ITC Ltd. and Hindustan Unilever Ltd. share prices weighed on the index. The index was trading 1.32% down at 55,898.40 as of 12:14 p.m., as compared to 0.01% advance in the NSE Nifty 50 index.
The Nifty FMCG index declined for four session in a row on Thursday.
The Nifty FMCG was the worst performing sectoral index compared to peers as of 12:15 p.m.
The Nifty FMCG was 1.31% down at 55,903.75
The Nifty FMCG was 1.31% down at 55,903.75
India's WPI Inflation Rises To 2.36%
Wholesale prices rise 2.36% vs 1.84% in September
Food articles inflation at 13.54% vs 11.5% in September
Fuel and power inflation at -5.79% vs -4.05% in September
WPI inflation at 4-month high
Manufactured products inflation at 1.50% vs 1% in September
Stock Market Live: Nalco Share Price Gains As Q2 Profit Grows Over Five Times
National Aluminium Co.'s share price climbed 5% on Thursday, a day after the company reported a strong second quarter earnings beat, driven by favourable aluminium prices and cost efficiencies.
National Aluminium Company's share price was 1.84% up at Rs 223.74 apiece.
National Aluminium Company's share price was 1.84% up at Rs 223.74 apiece.
Stock Market Today: Thermax Targets Rs 800 Crore Revenue By FY26, MD Says
Thermax Ltd. is targeting Rs 800 crore revenue by financial year 2026. The company is targeting Ebitda margin 21-23%, and PAT margin at 12 to 13%, said Ashish Bhandari, managing director and CEO.
Thermax is commissioning two plants in financial year in Chennai and Pithampur. The capital expenditure will be met through internal accruals, said Bhandari in an interview to NDTV Profit
Stock Market Live: Garden Reach Shipbuilder Share Price Jumps Over 6%
Shares of Garden Reach Shipbuilders & Engineers Ltd. were up over 6% on Thursday, following the company's strong financial performance in the quarter ended Sept. 30, 2024, surpassing street expectations.
Garden Reach Shipbuilder share price rose 6.28%.
Garden Reach Shipbuilder share price rose 6.28%.
Stock Market Live Update: Suzlon Energy Share Price Hits Upper Circuit On Large Trade
Shares of Suzlon Energy Ltd. hit the upper circuit at 5% at Rs 56.73 per share on Thursday, snapping a five-session falling streak.
Suzlon Energy hit 5% upper circuit.
Suzlon Energy hit 5% upper circuit.
Stock Market Live Updates Today: Godrej Industries Share Price Spikes
Shares of Godrej Industries Ltd. surged nearly 10% in early trading on Thursday following the company's strong financial results for the quarter ending September.
Godrej Industries share price rose 2.74% to Rs 958.40 apiece.
Godrej Industries share price rose 2.74% to Rs 958.40 apiece.
Stock Market Live: Patel Engineering Share Price Extends Gains
Patel Engineering Ltd. extended gains on Thursday following a strong second-quarter earnings, with nearly two times surge in its bottom line.
Patel Engineering Q2 FY25 Result Highlights (Consolidated, YoY)
Revenue up 15% at Rs 1,174 crore versus Rs 1,021 crore.
Ebitda up 16% at Rs 161 crore versus Rs 139 crore.
Margin at 13.7% versus 13.6%.
Net profit up 97% at Rs 73 crore versus Rs 37 crore.
Patel Engineering was 4.96% higher at Rs 52.49 apiece.
Patel Engineering was 4.96% higher at Rs 52.49 apiece.
Niva Bupa Health Insurance Lists At Rs 78.14 On NSE
Niva Bupa Health Insurance Co. debuted at Rs 78.14 per share on the National Stock Exchange, marking a premium of 5.59%.
The insurance company listed on the BSE on Thursday at Rs 78.50 apiece, a premium of 6.08% over the issue price of Rs 74 apiece. The stock
Stock Market Live: Eicher Motors Share Price Jumps Nearly 8% After Q2 Results Meet Estimates
Eicher Motors Ltd. share price rose 7.68% to Rs 4,940.95 apiece, the highest level since Nov 6. It was trading 7.29% higher at Rs 4,924.90 apiece.
Eicher Motors share price was 7.34% higher at Rs 4,925.45 apiece.
Eicher Motors share price was 7.34% higher at Rs 4,925.45 apiece.
Stock Market Today: Nifty, Sensex Open Flat; ICICI Bank, Eicher Motors Share Prices Lead
The NSE Nifty 50 and BSE Sensex started Thursday's session on a muted note. ICICI Bank Ltd. and Eicher Motors Ltd. share prices supported the benchmark indices.
As of 09:22 a.m., the Nifty 50 was trading 19.95 points or 0.09% higher at 23,579.00, and the Sensex was trading 87.76 points or 0.11% higher at 77,778.71.
"Moreover, the bearish candle on the daily chart suggests further weakness from current levels. We believe the current market structure is weak but oversold; hence we can expect a quick intraday pullback rally from given support levels," said Shrikant Chouhan, head, equity research, Kotak Securities.
"Now for traders, the 200-day simple moving average or 23,500/77,500 would act as a sacrosanct support zone. Above this, we can expect a technical bounce towards 23,800/78,500. On the other hand, fresh selling is possible if it breaks the level of 23,500/77,500. Below 23,500/77,500, it can slip to 23,300-23,200/76,900-76,600. Select buying is advisable around 23300 levels."
The Sensex was 0.11% higher at 77,773.92.
The Sensex was 0.11% higher at 77,773.92.
The Nifty 50 rose 0.10% higher at 23,583.65.
The Nifty 50 rose 0.10% higher at 23,583.65.
The Nifty Bank was 0.42% higher at 50,297.35.
The Nifty Bank was 0.42% higher at 50,297.35.
Mahindra & Mahindra Ltd., Power Grid Corp of India Ltd., UltraTech Cement Ltd., Bharti Airtel Ltd., and Bharat Electronics Ltd. weighed on the Nifty 50 index.
HDFC Bank Ltd., Reliance Industries Ltd., Eicher Motors Ltd., HCLTech Ltd., and Sun Pharmaceutical Industries Ltd. added to the index.
Top contribution to the Nifty 50 index.
Top contribution to the Nifty 50 index.
On NSE, 10 sectors advanced, and two declined out of 12. The NSE Nifty Media rose the most, and the NSE Nifty Oil & Gas declined the most.
Broader markets outperformed benchmark indices. The BSE Midcap and BSE Smallcap indices were trading 0.50% and 0.84% higher, respectively.
On BSE, 19 sectors advanced and two declined out of 21. The BSE Realty rose the most, and the BSE FMCG declined the most.
Market breadth was skewed in favour of buyers. Around 1,999 stocks advanced, 1,009 stocks declined, and 114 stocks remained unchanged on BSE.
Stock Market Live: Nifty, Sensex Lower At Pre–Open
At pre–open, the NSE Nifty 50 was 16.90 points or 0.07% down at 23,542.15. The BSE Sensex was 54.02 points or 0.07% down at 77,636.94.
Yield On The 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.84%. It closed at 6.84% on Wednesday, according to data on Bloomberg.
Rupee Weakens To Record Low Against US Dollar
Rupee weakened by 3 paise to open at a record low of 84.41 against the US Dollar. It closed at 84.39 on Wednesday, according to data on Bloomberg.
Stock Market Live: CareEdge On Lithium-Ion Battery Storage In India
Lithium-ion battery storage demand to grow significantly
Expect India’s dependence on lithium- ion battery imports to decline sharply to 20% by FY27
Giga-size integrated battery capacities coming onstream in India by Fy27
Key factor to monitor: India's pricing competitiveness vs Chinese manufacturers
Stock Market Live: Jefferies On PI Industries
Rated buy with target price of Rs 5100;upside potential 12%
Overall revenue met expectations
Domestic business was in line and Pharma slightly above.
FY25 revenue growth guidance reduced to high single digits (previously 15%)
Domestic revenue down 5% affected by pricing pressure
Pricing pressure expected to persist in upcoming quarters.
Management expects improvement in pharma in h2FY25 based on current order book.
Domestic Gold Prices Fall To 74,000 Level As Demand Concern Rises
Gold prices in India plunged to Rs 74,750 as of 6:57 a.m. which is below the previous record low. The prices, according to India Bullion Association, had last slipped to the Rs 74,000 mark on Sept. 20. They had held above the Rs 75,000 level since Oct. 9.
After festive demand waned, domestic gold prices have been on a declining trajectory.
Asia FX Update: Most Currencies Fall As Dollar Index Hits Over One–Year High
Most currencies in Asia declined against the greenback as the dollar index raced to the highest level since Nov 1, 2023. The index climbed despite data showed that the US CPI rose to 2.6% matching analysts' expectations.
The dollar index, which measures the strength of the six major currencies, rose to 106.63 so far today. The index was trading 0.13% higher at 106.62 as of 8:18 a.m.
The Malaysian ringgit was the worst performing currency with 0.78% loss against the US unit as of 8:14 a.m. The Indonesian rupiah was the second worst performing currency, and it was down 0.53% against the US dollar.
The Japanese yen was trading 0.32% down at 155.96 against the greenback.
Stock Market Live: CLSA Keeps 'Underperform' On BHEL
CLSA Maintains Underperform on BHEL, raises target to Rs 205 target vs Rs 189 earlier, which implied a 11% downside
L&T's recent success in thermal power equipment puts BHEL's market dominance under question
Raise FY25 order inflow estimate by 31% on BHEL winning 37% of NTPC awards
Higher inflow estimate increase FY27 EPS estimate up 8%
Future of thermal business bleak beyond FY30
Stock remains expensive at 40 times FY26 P/E despite recent stock correction
Oil Prices Decline In Asian Trade On Demand Worries
Crude oil future prices declined in Asian trade as demand concerns rose after the Organization of Petroleum Exporting Countries and allies lowered demand forecast for 2024 and 2025. The lower revision is because of concerns about China's economic revival.
The January future contract of crude oil was trading 0.10% down at $72.20 a barrel on the Intercontinental Exchange as of 7:48 a.m.
Stock Market Live: Citi Research Lowers Gujarat Gas
Target price is lowered to Rs 490 from Rs 530, which is 2.6% downside
Citi Research maintained a 'Sell'
Target cuts due to tweaks to longer term cash flow estimates
FY25-27 earnings estimates remain unchanged
Stock Market Today: Motilal Oswal On NALCO
Motilal Oswal maintains NEUTRAL on Nalco, raises target to Rs 420 (91% upside)
The second quarter results broadly beat estimates on favorable pricing
The brokerage raises FY25 revenue/Ebitda/ Net profit estimates by 9%/27%/32%
Expect H2FY25 Ebitda/Net profit to grow 24%/30% YoY
E/xploration & lithium mining deal to help diversify portfolio, enhance supply chain
Expect next growth phase after 1 MT alumina refinery capacity gets added by May’25.
Asia Market Update: Most Markets Rise Post US CPI Data
Most markets in Asia–Pacific region were trading higher on Thursday after US CPI data for October came in line with expectation. The expected headline inflation fuelled bets that the US Federal Reserve may go for another rate cut in December.
The Nikkei 225 was trading 171.94 points or 0.44% higher at 38,893.60, and the S&P ASX 200 was trading 36.00 points or 0.44% higher at 8,229.40 as of 7:19 a.m.
US Market Update: Stocks End On A Mixed Note As Traders Assess CPI
Share indices in the US ended on a mixed note as traders assessed US CPI data. The CPI rose to 2.6% in October, in line with the market expectation. The crore CPI, which excludes food and energy prices, rose to 3.3%.
On Wednesday, the Dow Jones Industrial Average ended 0.11% higher at 43,958.19. The S&P 500 ended 0.02% higher at 5,985.38. The Nasdaq Composite ended 0.26% down at 19,230.73
GIFT Nifty Above 23,600; Eicher Motors, Tata Power, Vodafone Idea In Focus
The GIFT Nifty was trading above 23,600 in early trade on Thursday. Eicher Motors Ltd., Tata Power Ltd., and Vodafone Idea Ltd. share prices may react because of the news flow and earning releases.
The GIFT Nifty was trading 0.09%, or 21 points, lower at 23,649.50 as of 06:31 a.m.
The NSE Nifty 50 and BSE Sensex extended losses to the fifth straight session on Wednesday as HDFC Bank Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd. share prices dragged.
The Nifty 50 ended at over a four-month low for the second session in a row. The Nifty ended 324.40 points, or 1.36%, down at 23,559.05, the lowest level since June 24. The Sensex closed 984.23 points, or 1.25%, lower at 77,690.95, the lowest since June 24.
"October retail inflation soared to 14-month high of 6.2% which reduced expectations of a rate cut by RBI in the upcoming policy meet. This, coupled with weak earnings and consistent foreign outflows have been adding to market concerns," Siddhartha Khemka, head of research-wealth management, Motilal Oswal Financial Services Ltd.
"We expect weakness to continue in the market due to lack of visibility of any positive trigger in the near term."
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