Sensex struggle to stay adrift, fall 258 points for the week
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Stocks: The BSE benchmark Sensex fell to mark biggest weekly loss in a month, falling 257.62 points to finish at 26,489.56, while the broader Nifty fell below the crucial 8,150-level.
The market began the week on negative note with dismal IIP data, US president-elect Trumps blunt talk on visas and surging crudeoil affecting the stocks, however, immense caution focused on two day US Fed Reserve policy meeting.
When the US Fed increased the rate which was expected, it is the hawkish tone of indicating three more hikes in the coming year led fears of capital flights from emerging markets on strong US bonds yields and dollar strength set-off nervousness in trading community.
Sentiments were on the edge as investors opted for bouts of shortcovering gains for the week, with GST wash-out in Parliament winter session, widening trade-deficit data set-off negative mood for the week.
While comforting macrodata’s retail inflation (CPI) and Wholesale inflation (WPI) were overlooked. Stock specific selling pressure on dismal earning results like Coal India led the market to down-hill.
During the week, the Sensex lost 257.62 points, or 0.96 per cent, to end at 26,489.56. It hovered in the range of 26,737.86 and 26,407.58.
The Nifty 50 index during the week fell 122.30 points, or 1.48 per cent, to finish at 8,139.45 after shuttling between 8,230.65 and 8,121.95.
The selling was led by Metal, FMCG, PSUs, HealthCare, Bankex, Oil&Gas, Power, Realty, CapitalGoods, Auto, Consumer Durables and IPOs, while shares of midcap and smallcap also witnessed widespread selling.
Buying was witnessed in IT and Teck counters.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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