Markets fall in early trade after three-day rally; Sensex tumbles 460 points
- On Friday, the BSE Sensex and NSE Nifty slumped in early trade, ending a three-day rally amid concerns over potential Reserve Bank of India rate hikes.
- Retail inflation surged to 6.09% in October, breaching the RBI's 6% upper tolerance limit for the first time in two years. Food inflation spiked to 8.94% in the same period.
- The rate outlook remains hawkish ahead of the RBI's December 4 policy meeting, leaving the market vulnerable to consolidation, Enrich Money CEO Ponmudi R. said.
- Mahindra & Mahindra, HDFC Bank, InterGlobe Aviation, Trent, Bharat Electronics, and Bajaj Finserv led laggards in the BSE Sensex, while Tech Mahindra, Sun Pharma, HCL Tech, and Hindustan Unilever emerged as winners.
- Foreign Institutional Investors remained net buyers on Thursday, purchasing equities worth Rs 7,830.60 crore, while Asian markets showed mixed results with South Korea's Kospi and Hong Kong's Hang Seng trading lower.
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28 Articles
Can markets extend gains amid rising crude and rate hike fears?
The Indian stock indices experienced a retreat as increasing crude oil costs negatively impacted market sentiment. Retail inflation hit 6.09% in October, breaching the tolerance threshold set by the Reserve Bank of India. This spike raised alarms about possible future rate adjustments. Sectors like realty, auto, and cement faced considerable selling activity due to these economic dynamics. However, the benchmarks concluded the week with minor ga…
Stock Markets Today: Sensex, Nifty fall as inflation concerns weigh on markets
Indian equity benchmark indices Sensex and Nifty slumped in early trade, ending a three-day rally, as profit-taking combined with concerns over surging retail inflation, which breached the Reserve Bank of India's upper tolerance limit, leading to anticipation of a policy rate hike. Track Sensex, Nifty on November 13.
Share Market Today Update: The stock market on Friday was hit by profit-booking and concerns about rising inflation. The surge in crude oil prices also increased investor concerns. However, foreign investors remained net buyers of Indian shares for the ninth consecutive trading session. Their investment in November has reached $8 billion.
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