Stock Market Today: Sensex declines 391 factors, Nifty holds 17,000-mark

Market Today, Sensex, Nifty Share Prices Updates: The frontline indices on the National Stock Exchange (NSE) and BSE ended over 0.6 per cent decrease on Thursday amid weak spot within the international market and after India’s retail inflation spiked to a five-month excessive in September.

The S&P BSE Sensex fell 390.58 factors (0.68 per cent) to finish at 57,235.33 whereas the Nifty 50 declined 109.25 factors (0.64 per cent) to settle at 17,014.35. Both the indices had opened round 0.2 per cent decrease earlier within the day and skid additional because the commerce progressed with the Sensex hitting a low of 57,055.75 and the broader Nifty slipping to 16,956.95 throughout intraday.

On the Sensex pack, Wipro was the highest loser on Thursday declining over 6.5 per cent. It was adopted by State Bank of India (SBI), Larsen & Toubro (L&T), ICICI Bank, Asian Paints, Bajaj Finance and HDFC twins – Housing Development Finance Corporation (HDFC) and HDFC Bank. On the opposite hand, HCL Technologies was the highest gainer rising over 3 per cent, adopted by Sun Pharmaceutical Industries, Dr. Reddy’s Laboratories and Reliance Industries (RIL).

India’s Consumer Price Index (CPI) rose to a five-month excessive of seven.41 per cent within the month of September and the manufacturing facility output, measured by the Index of Industrial Production (IIP), witnessed a contraction of (-)0.8 per cent in August, two separate information launched by the Ministry of Statistics & Programme Implementation (MoSPI) confirmed Wednesday.

This is the ninth consecutive time that the CPI print has come above the RBI’s higher margin of 6 per cent. CPI information is primarily factored in by the central financial institution whereas getting ready their bi-monthly financial coverage. So far on this monetary yr, the RBI has raised the important thing rate of interest by 190 bps in a bid to verify the raging inflation.

“Retail inflation persisting above the desired levels has been a major cause of concern for the Indian economy. This, coupled with declining industrial production in August may not be taken well by the market because Indian economy is anticipated to sustain its resilience. In this backdrop, the impending US inflation figures, which are forecasted to remain high, may cause volatility in the global market,” mentioned Vinod Nair, Head of Research at Geojit Financial Services.

Among sectoral indices, the Bank Nifty fell 1.26 per cent and the Nifty Financial Services declined 1.22 per cent. The Nifty IT too slipped 0.68 per cent.

In the broader market, the S&P BSE MidCap index ended at 24,740.93, down 181.01 factors (0.73 per cent) and the S&P BSE SmallCap settled at 28,520.55, down 130.18 factors (0.45 per cent).

Global Market (from Reuters)

World shares slipped to a close to 2-year low and Japan’s yen was pinned close to 1998 ranges on Thursday, as traders braced for key US inflation information later prone to form the dimensions of the Federal Reserve’s subsequent rate of interest hike. Global markets have suffered a torrid few weeks and there was little signal of respite in both Asia or Europe as weak equities knocked MSCI’s 47-country world index down for a seventh straight day.

Europe’s region-wide STOXX 600 index was down 0.6 per cent, additionally down for a seventh straight session. It has fallen practically 4.3 per cent within the final six days, with markets anxious that aggressive international rate of interest hikes will set off recessions.

In Asia in a single day, widespread weak spot had seen Japan’s Nikkei slip 0.6 per cent and South Korea’s Kospi tumble 1.8 per cent as information that Taiwanese chipmaking big TSMC had minimize its funding funds by no less than 10 per cent pressured the broader area’s tech sector. Hong Kong’s Hang Seng dropped 1.9 per cent, and mainland Chinese blue chips misplaced 0.3 per cent to depart MSCI’s index of Asia-Pacific shares languishing near 2 1/2-year lows.