Mumbai: The BSE Sensex fell 424.42 points to 79,117.37 in early trade on Friday. The NSE Nifty declined 132.7 points to 24,066.65. The 30-share Sensex and broader Nifty declined in early trade as foreign investors continued selling equities and weak trends in blue-chip stocks Reliance Industries and ICICI Bank.
The market watchers are of the view that Indian market is expected to trade sideways till clarity comes on the Q2 Results 2024-25 of corporates, pick up in consumption and foreign fund flows. Meanwhile, the US Federal Reserve announced rates cut for two straight meetings as the inflation print was reported to comfortable. The RBI will be meeting in December 2024 to unveil their monetary policy meeting.
30-share Sensex pack laggards: ICICI Bank, NTPC, Asian Paints, Maruti, Tata Motors, and Reliance Industries. Gainers included, HDFC Bank, HCL Technologies, Infosys, Tech Mahindra, Titan, Kotak Mahindra Bank. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 4,888.77 crore on November 7.
“Two divergent trends are evident in the market now: one, strength in the global market led by the US and two, weakness in the Indian market. The weakness in the Indian market can be attributed largely to the relentless selling by FIIs which continues this month, too,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Tokyo and Seoul traded in Green while Hong Kong and Shanghai quoted lower. Wall Street ended mostly higher on November 7.
“The Federal Reserve has cut its benchmark interest rate by 25 basis points to 4.50 per cent-4.75 per cent, following earlier rate reductions to address inflation. Meanwhile, Nifty shows limited movement amid persistent FII selling,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
The Sensex plunged 836.34 points to finish at 79,541.79 on 7th November. The Nifty declined 284.70 points to settle at at 24,199.35.
Stock Market Today: The BSE Sensex fell 424.42 points to 79,117.37 in early trade on Friday. The NSE Nifty declined 132.7 points to 24,066.65. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
