Sensex drops 110 points; Nifty falls for sixth day on FII selling, inflationary concerns
The Hindu
Sensex drops 110 points amid FII selling, disappointing results, and rising inflation; Nifty extends losing streak.
Benchmark Sensex declined by 110 points in a see-saw trade on Thursday (November 14, 2024), marking its third straight session of losses amid continued FII selling, disappointing quarterly results and soaring inflation.
Benchmark BSE Sensex dropped 110.64 points or 0.14% to settle at 77,580.31. During the day, it dropped 266.14 points or 0.34% to 77,424.81. Broader NSE Nifty dropped by 26.35 points or 0.11% to close at 23,532.70, extending its losing streak to the sixth day.
From the 30-share Sensex pack, Hindustan Unilever, NTPC, Nestle, IndusInd Bank, Power Grid, Adani Ports, Tata Motors and Bajaj Finserv were the major laggards. Reliance Industries, Kotak Mahindra Bank, Tech Mahindra, Mahindra & Mahindra and HDFC Bank were among the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,502.58 crore on Wednesday (November 13, 2024), while Domestic Institutional Investors (DIIs) bought shares worth ₹6,145.24 crore, according to exchange data.
Wholesale price inflation rose to a four-month high of 2.36% in October as prices of food items, especially vegetables, and manufactured goods turned dearer, showed the government data released on Thursday (November 14, 2024.)
Retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21% in October mainly on account of rising food prices. In Asian markets, Tokyo, Shanghai and Hong Kong settled lower while Seoul ended in the positive territory.
European markets were trading higher. The U.S. markets ended on a mixed note on Wednesday (November 13, 2024.) Global oil benchmark Brent crude dipped 0.06% to $72.24 a barrel.
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