[ad_1]
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, declined sharply in trade on Thursday. While BSE Sensex went below 79,500, Nifty50 was just above 24,000. At 11:21 AM, BSE Sensex was trading at 79,487.65, down 746 points or 0.93%. Nifty50 was at 24,061.85, down 213 points or 0.88%.
Indian equity markets declined on Thursday, influenced by global market trends, with IT stocks facing pressure due to concerns about US President-elect Trump’s policies and uncertainty about US interest rate adjustments.
Amongst Sensex components, the primary decliners included Infosys, Tech Mahindra, M&M, HCL Tech, TCS, and Power Grid, falling up to 3%. Conversely, SBI, Adani Ports, and Tata Motors showed positive movement.
Adani Group shares experienced significant gains, rising up to 9.3% in early trading after clarification regarding the US Foreign Corrupt Practices Act indictment. Adani Energy Solutions and Adani Total Gas led with 9% and 9.3% increases respectively. The group recovered $14 billion on Wednesday following earlier losses.
US economic data revealed increased consumer spending in October, suggesting a slower rate cut progression than anticipated. This development affected Indian IT and pharmaceutical sectors due to their US market exposure, with the Nifty IT index declining over 2%.
Notable individual stock movements included NBCC rising 5% following a development agreement with HUDCO, and KEC International gaining 7% after securing substantial orders.
Market experts suggest continued consolidation in the near term, noting reduced FII selling as a positive indicator. However, they advise caution regarding excessive optimism due to global economic factors.
Asian markets remained cautious on Thursday, reflecting uncertainty about US Federal Reserve’s future actions. The MSCI Asia-Pacific index showed minimal change, while Japan’s Nikkei increased slightly.
Institutional activity showed FIIs as net buyers of Rs 7.78 crore, while DIIs purchased Rs 1,301 crore worth of equities. The Indian rupee depreciated to 84.46 against the US dollar, and oil prices experienced a slight decline in Asian trading.
[ad_2]
Source link
