Markets fall in early trade on weak global trends, foreign fund outflows
The Hindu
Equity indices fall for 3rd day; Sensex down 300 pts; Titan reports 4.3% drop in net profit; Sun Pharma, NTPC, HDFC Bank, L&T gain; Asian markets, US markets, Brent crude down; FIIs offload equities worth Rs 1,877.84 cr.
Equity benchmark indices began the trade on a weak note on Thursday, continuing to fall for the third day running, in tandem with a bearish trend in global markets and continuous foreign fund outflows.
The 30-share BSE Sensex fell 299.99 points to 65,482.79. The NSE Nifty declined 87.5 points to 19,439.05.
From the Sensex pack, Titan, Bajaj Finserv, UltraTech Cement, Hindustan Unilever, Tata Steel and JSW Steel were the major laggards.
Leading jewellery and watchmaker Titan on Wednesday reported a 4.3 per cent drop in consolidated net profit at ₹756 crore for the June quarter.
Sun Pharma, NTPC, HDFC Bank and Larsen & Toubro were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory.
The U.S. markets ended lower on Wednesday.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.
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