While benchmark indices rallied close to a per cent in early trade and scaled to record highs, valuation concerns and a sharp selloff in the broader markets led to profit-taking.
The 30-share BSE Sensex ended the session with 0.3 per cent gains at 83,185. The Nifty 50 went up by 0.15 per cent to close at 25,416.
The Sensex closed 0.7 per cent lower from the intraday high of 83,774, the Nifty 50 declined by nearly 0.8 per cent from a high of 25,612. In comparison, major markets in Asia and Europe logged in gains of over 1 per cent.
The US rate cut impact was more visible in the currency and debt market.
Rupee and government bonds strengthened on Thursday after the US Federal Reserve's decision to cut key interest rates by 50 basis points, said market participants. Rupee appreciated by 8 paisa to settle at 83.69 against the greenback, while the 10-year benchmark government bond yield settled at 6.76 per cent, the lowest since February 25, 2022.
Bu hikaye Business Standard dergisinin September 20, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin September 20, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
FY25 as weak-earnings year is gradually getting priced in
Even as many blame record foreign portfolio outflows for the market downturn, the real culprit is weak earnings amid rich valuations, says GAUTAM CHHAOCHHARIA, head of global markets, India, UBS. In an interview with Samie Modak in Mumbai ahead of the UBS India Summit, Chhaochharia highlights that 2024-25 (FY25) weak earnings growth is now factoring into market expectations. Investors are shifting their focus to the actions of the Reserve Bank of India (RBI) and the central government, as well as the outcome of upcoming state elections. Edited excerpts:
Non-disclosure of foreign property invites ₹10 lakh penalty per yr
Many high-net-worth individuals who allegedly own undeclared properties in Dubai have received notices from the tax office.
Modest increase in SBI share price after Q2
Brokerages positively revise their earnings forecasts, maintain target price
Strong growth, margin metrics could support LIC's valuations
In the September quarter (Q2FY25), LIC reported net premium income of ₹1.2 trillion, up 12 per cent year-on-year (Y-o-Y).
Mkts settle flat on FPI selling
Benchmark stock indices Sensex and Nifty closed flat in highly volatile trade on Monday as continuous foreign portfolio investors (FPI) selling, disappointing quarterly earnings and weak trends from Asian markets dented investor sentiment.
Rising retail ownership to spur equity cult in India: Morgan Stanley
Retail investors have become a force to reckon with as their ownership of Indian equities has risen by 800 basis points or 8 per cent to 23.4 per cent in the last 10 years, suggests a recent note from Morgan Stanley.
China wrests MSCI EM IMI top spot from India
Change in the pecking order comes amid a sharp rally in Chinese equities
HAVING A TRUCK WITH LNG
Things are changing rapidly with the entry of the private sector, but the path of LNG trucks in India is strewn with rocks
Accounting for climate finance
The climate negotiations meeting of the Conference of Parties signatory to the convention, COP29, at Baku, Azerbaijan, where most nations of the world have gathered currently, shall deal with various concerns relating to climate change.
Re-examine trade pacts
India must consider entering CPTPP, RCEP
