The post Sensex and Nifty Close Lower as Reliance and ICICI Bank Drag Markets appeared first on The Edge Media.
]]>Market sentiment was further dampened by weakness in the rupee and continued selling by foreign investors, traders said. The 30 share BSE Sensex declined 324.17 points, or 0.39 per cent, to close at 83,246.18. During intraday trade, the index slipped as much as 672.04 points, or 0.80 per cent, to hit a low of 82,898.31.
The NSE Nifty fell 108.85 points, or 0.42 per cent, to settle at 25,585.50.
Among Sensex constituents, Reliance Industries dropped 3.04 per cent after reporting a flat net profit of Rs 18,645 crore for the December quarter, as lower gas production and weakness in its retail segment offset gains in other businesses.
ICICI Bank declined 2.26 per cent after its consolidated profit for the December quarter fell 2.68 per cent to Rs 12,537.98 crore, impacted by a Reserve Bank of India mandated provision of Rs 1,283 crore related to agricultural loans wrongly classified as priority sector lending. On a standalone basis, the lender reported a decline of over 4 per cent in profit at Rs 12,883 crore.
Eternal, Titan, Adani Ports, Tata Consultancy Services and UltraTech Cement were also among the major laggards.
On the positive side, InterGlobe Aviation, Tech Mahindra, Hindustan Unilever and Bajaj Finance ended the session with gains.
In Asian markets, South Korea’s Kospi and China’s Shanghai Composite closed higher, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng ended lower.
Vinod Nair, head of research at Geojit Investments Limited, said global risk appetite weakened after US President Donald Trump announced fresh tariff threats against several European nations, reviving fears of a possible US EU trade dispute. He added that the development triggered a risk off sentiment across global equity markets, pushing investors toward safe haven assets such as gold.
On the domestic front, market sentiment remained cautious due to sustained foreign institutional investor outflows. With the December quarter earnings season underway, stock specific volatility is expected, especially where results have been mixed.
Meanwhile, the rupee breached the 91 per dollar level for the second time this month before ending 14 paise lower at 90.92 against the US dollar. Brent crude, the global oil benchmark, slipped 1.22 per cent to $63.35 per barrel.
According to exchange data, foreign institutional investors sold equities worth Rs 4,346.13 crore on Friday, while domestic institutional investors purchased shares worth Rs 3,935.31 crore.
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]]>The post IndiGo’s Operational Turmoil Pulls Down InterGlobe Aviation Shares appeared first on The Edge Media.
]]>read also: Mass Flight Cancellations by IndiGo Trigger Chaos at Hyderabad Airport
The company’s stock price has shed more than 7% on the BSE during the last four trading sessions. On Friday, the share price slipped by 1.22% to close at Rs 5,371.30 after touching an intraday low of Rs 5,266. On the NSE, the stock ended the day 1.27% lower at Rs 5,367.50, extending its total four-day decline to over 7%.
Since December 1, InterGlobe Aviation’s market capitalisation has dropped by roughly Rs 16,190 crore, reducing its valuation to around Rs 2.07 lakh crore.
The wider aviation network in India remained disrupted for a fourth consecutive day on Friday as IndiGo, which accounts for nearly two-thirds of domestic air traffic, cancelled more than one thousand flights. All departures from New Delhi were halted at one point, leaving passengers without clear rebooking options and causing significant missed events and lost connections.
The turmoil was triggered by IndiGo’s inability to adequately prepare for new pilot duty-time norms. These rules increase the weekly rest requirement for pilots from 36 to 48 hours and restrict 9 times landings to 2 per week instead of 6. IndiGo acknowledged that the large-scale cancellations were the result of planning errors and misjudgment.
Chief Executive Officer Pieter Elbers stated on Friday that the airline expects operations to stabilise between December 10 and December 15.
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]]>The post Key Factors Influencing the Stock Market This Week appeared first on The Edge Media.
]]>Domestic Economic Indicators
This week is crucial for the Indian market as several key macroeconomic data points are due for release. Attention will be centered on India’s Consumer Price Index (CPI) and Wholesale Price Index (WPI) figures, which will help assess the inflation pattern and potential policy directions.
Corporate Earnings to Watch
Quarterly results from major companies such as ONGC, Bajaj Finserv, Asian Paints, Tata Steel, and Oil India will provide important signals for various sectors. Market participants will be closely monitoring these earnings to gauge the overall corporate performance and industry outlook.
Global and Currency Influences
Movements in the rupee against the US dollar and fluctuations in Brent crude prices will be significant in determining investor confidence. These global factors often influence domestic market sentiment and portfolio decisions.
Expert Insights
According to Ponmudi R, CEO of Enrich Money, both domestic and international economic conditions will shape investor mood this week. The release of October’s CPI inflation data is expected to offer more clarity on the future course of interest rates.
Globally, the ongoing US government shutdown has paused the release of critical economic reports, creating uncertainty among investors and policymakers trying to evaluate the actual condition of the US economy.
Recent Market Performance
In the previous, holiday-shortened week, the BSE Sensex declined by 722.43 points, while the NSE Nifty dropped by 229.8 points, reflecting a weak market sentiment.
Outlook Ahead
Vinod Nair, Head of Research at Geojit Investments, noted that the market’s next direction will depend on upcoming inflation figures, foreign institutional investor (FII) flows, developments in the US government situation, and the progress of trade negotiations among the US, India, and China.
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]]>The post GST Shake-Up: 5% & 18% Tax Slabs Approved – States Fear Revenue Crisis appeared first on The Edge Media.
]]>While the central government insists the move will simplify GST compliance, several opposition-ruled states fear it could devastate their finances. Under the current structure, states depend heavily on GST compensation to manage their budgets. With this adjustment, states argue that compensation may not be enough to offset the potential revenue shortfall.
Economists predict mixed outcomes. On the one hand, consolidation of slabs can make tax filing easier for businesses, reducing litigation and confusion. On the other hand, shifting many goods to the 18% slab could increase prices, directly affecting the middle class and small traders.
The debate is expected to heat up in the coming months as the GST Council prepares to present the proposal formally. Traders’ bodies, industry chambers, and consumer rights groups are already preparing their responses.
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]]>The post Sensex Hits Record 82,000! Nifty Crosses 25,000 as ICICI Bank & Reliance Power 6-Day Market Rally appeared first on The Edge Media.
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The BSE Sensex closed 142.87 points higher at 82,000.71, after rallying 373.33 points intra-day to touch an all-time high of 82,231.17. The NSE Nifty 50 added 33.20 points to end at 25,083.75, extending its bullish momentum.
Top gainers included ICICI Bank, Reliance Industries, Bajaj Finserv, Bajaj Finance, Larsen & Toubro, and Bharat Electronics, which collectively drove the market higher. However, the rally was not broad-based, with 14 Sensex shares closing positive while 16 ended lower, including Power Grid, Hindustan Unilever, Eternal, and Adani Ports.
Analysts attribute the sustained uptrend to robust foreign inflows, healthy liquidity, and renewed investor confidence ahead of key economic data. Experts suggest that if this momentum continues, the Sensex could test the 82,500 mark in the near term.
With benchmark indices hitting fresh highs, investors are closely watching global market cues, sectoral performance, and FII activity to gauge whether this bull run can sustain or if a profit-booking phase lies ahead.
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]]>The post Ola Aims To Raise $1 Billion Through Initial Public Offer appeared first on The Edge Media.
]]>Ola, backed by Japan’s Softbank Group, has roped in Citigroup, two people with direct knowledge of the matter said. It has also brought Kotak Mahindra and Morgan Stanley on board, said two other people familiar with the plans.
The company, which competes with Uber Technologies, is also in talks with Bank of America and JP Morgan, one of the people said.
Ola, JP Morgan and Kotak Mahindra did not immediately respond to a request for comment.
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]]>The post Infosys Hits Record High, Market Capitalisation Tops $100 Billion appeared first on The Edge Media.
]]>Infosys shares have so far this year rallied 40 per cent, massively outperforming the Sensex which has advanced 16.6 per cent.
Information technology shares have been witnessing steady buying interest from investors as rising demand for digitalisation and transformation to cloud computing in the wake of work from home concept amid COVID-19 pandemic has spurred business for IT companies, analysts said.
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]]>The post Zomato Delivers IPO Feeding Frenzy, 3 More Unicorns Line Up appeared first on The Edge Media.
]]>The amount of money raised in IPOs this year has reached $8.8 billion, already surpassing the totals of the past three years though it’s only August. At the current pace, 2021 would exceed the all-time record of $11.8 billion. Founders, bankers, lawyers and advisers are racing to cash in on fervent demand for fresh public offerings.
The catalyst, in a word, is Zomato Limited, the food-delivery startup went public in July and, despite deep losses and mediocre prospects for profitability, shares have soared more than 70 per cent. That has fuelled the idea that similarly profit-challenged startups could find a strong reception from investors.
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]]>The post Billionaire investor Rakesh Jhunjhunwa plans on introducing ultra low cost airlines . appeared first on The Edge Media.
]]>Jhunjhunwala , who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days , he said in a bloomberg television interview on Wednesday.
The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc, is looking at planes that can carry 180 passengers , he said.
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]]>The post IMF cuts India’s GDP growth forecast to 9.5% for FY22. appeared first on The Edge Media.
]]>This forecast for 2021-22 is lower than the 12.5% growth in GDP that IMF had projected in April before the second wave took a grip .
“Growth prospects in India have been downgraded following the severe second COVID wave during March-May and expected slow recovery in confidence from the set back,” IMF said in its latest World Economic Outlook (WEO).
India’s economy is gradually recovering from a deep contraction in the fiscal year ended March 31, 2021 (7.3%) and a subsequent severe second wave of COVID-19.
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