The Indian stock markets witnessed a decline in early trade on Friday, with benchmark indices Sensex and Nifty slipping further amid continuous foreign fund outflows and growing concerns over the US Federal Reserve's recent stance on interest rates. The 30-share BSE Sensex fell 214.08 points, or 0.27%, to 79,003.97, while the NSE Nifty dropped 63.8 points, or 0.27%, to 23,887.90 in early trading. Among the 30 blue-chip stocks, Axis Bank, Tech Mahindra, IndusInd Bank, JSW Steel, ITC, Larsen & Toubro, UltraTech Cement, and HDFC Bank were among the worst performers, leading to a dip in the overall market sentiment. On the other hand, stocks such as Titan, NTPC, Bajaj Finance, Bharti Airtel, Tata Consultancy Services, and Maruti showed resilience and recorded gains. In the broader Asian markets, South Korea's Seoul index opened lower, while the markets in Tokyo, Shanghai, and Hong Kong showed positive movements. US stocks closed mixed on Thursday, reflecting the ongoing volatility in global markets. Foreign Institutional Investors (FIIs) continued their selling spree, offloading equities worth Rs 4,224.92 crore on Thursday, according to the latest exchange data. This follows a marked shift in FII strategy, with the net selling for the week amounting to Rs 12,229 crore. The sustained FII outflows have put additional pressure on large-cap stocks, particularly in the financial sector. "The FII buying seen earlier in December has reversed, with this week's selling weighing heavily on largecaps and financial stocks. However, the negative reaction to the US Federal Reserve's comments is likely to be temporary. A recovery, driven by large-cap stocks, is possible in the near term," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Meanwhile, global oil prices saw a decline, with Brent crude dropping 0.69% to USD 72.38 a barrel, contributing to the downward pressure on markets. On Thursday, the Sensex closed lower by 964.15 points, or 1.20%, at 79,218.05, while the Nifty slipped 247.15 points, or 1.02%, closing below the 24,000 mark at 23,951.70. The ongoing volatility in the stock market is largely attributed to the uncertainties surrounding the global economic outlook and the Fed's indication of fewer rate cuts next year, which has sparked caution among investors. (With inputs from PTI)
20 December,2024 10:11 AM IST | MumbaiIndia’s private sector ended 2024 on a robust footing, with the HSBC Flash India Composite Output Index rising to 60.7 in December, up from 58.6 in November. This marks the strongest expansion since August 2024, according to HSBC data compiled by S&P Global. The country’s private sector showed significant growth in both manufacturing and services, buoyed by a surge in new business inflows and notable job creation. The December figures highlight India’s economic resilience and steady recovery, ANI reports. The HSBC Flash India Manufacturing PMI climbed to 57.4 in December from 56.5 in November, indicating improved business conditions. The uptick was driven by increases in production, new orders, and employment, supported by robust domestic demand. Manufacturers also ramped up input purchases to meet rising demand, and pre-production inventories expanded, though finished goods stocks fell as firms utilised inventory to address higher orders. Meanwhile, the services sector remained a key driver of growth. The HSBC Flash India Services PMI Business Activity Index surged to 60.8 in December from 58.4 in November, reflecting sharp increases in sales and backlogs. Service providers benefitted from strong demand, both domestically and internationally, underlining the sector’s resilience. December also saw a substantial rise in workforce expansion. Private sector firms added permanent and temporary staff at the fastest pace in the survey’s history. Backlogs of work rose at their sharpest rate since May 2024, underscoring the growing workload faced by businesses. Demand for Indian goods and services reached its highest level since July, driven by sharp growth in domestic and international orders. New export orders, in particular, grew at the fastest rate in five months, with manufacturing leading in export performance. According to Ines Lam, Economist at HSBC, “The modest rise in the manufacturing PMI in December was largely supported by gains in current production, new orders, and employment. Domestic orders saw an accelerated expansion, indicating improved growth momentum. At the same time, input cost pressures persisted, prompting manufacturers to raise selling prices.” The output price index reached its highest level since February 2013, though firms raised prices at a slower pace than November’s near 12-year peak. Cost pressures from food, freight, and labour remained a challenge, ANI reports. Despite these pressures, business optimism strengthened for the second consecutive month, reaching its highest point since September 2023. Positive demand conditions and stronger customer relationships bolstered confidence among manufacturers and service providers alike. (With inputs from ANI)
16 December,2024 12:41 PM IST | New DelhiA recent report by the State Bank of India (SBI) reveals that around 4,000 listed Indian companies experienced a 6 per cent growth in revenue or gross sales during the financial year 2024. While the revenue growth was relatively moderate, key financial indicators, such as earnings before interest, taxes, depreciation, and amortization (EBIDTA) and profit after tax (PAT), showed robust increases of 28 per cent and 32 per cent, respectively. The SBI report noted that the top-line revenue growth was accompanied by a significant rise in both EBIDTA and PAT. However, the report also highlighted a noticeable slowdown in the growth of employee expenses. Employee costs rose by just 13 per cent in FY24, a considerable dip from the 17 per cent increase recorded in the previous year (FY23). This moderation in wage growth suggests that companies have been focused on managing their wage bills more efficiently while ensuring continued profitability. Despite the slower wage growth, Indian companies have managed to maintain a consistent EBIDTA margin of approximately 22 per cent over the past four years. During this period, the annual growth in wage bills has averaged around 12 per cent. This trend illustrates that companies are adeptly balancing their employee-related costs and other operating expenses to sustain healthy profit margins. In a further analysis of the expenditure side, using the weighted average contribution model, the report found that employee expenses continue to play a significant role in influencing EBIDTA performance. However, the negative contribution of employee expenses to EBIDTA growth has decreased, dropping from 8.6 per cent in FY23 to 7 per cent in FY24. This indicates that companies are improving their cost management strategies and controlling wage growth without undermining profitability. Looking ahead to FY25, listed companies have continued to show positive financial performance, with a 7 per cent growth in EBIDTA during the second quarter. However, employee expenses grew at a slower pace of 5.6 per cent, further confirming the trend of moderated wage increases. As per ANI, the report demonstrates that Indian companies are adopting a strategic approach to balancing revenue growth with cost management, ensuring profitability while controlling employee-related expenses. This careful modulation of wage growth, alongside consistent profits, highlights the companies' ability to navigate a volatile economic environment effectively. (With inputs from ANI)
16 December,2024 08:50 AM IST | New DelhiA recent report by the State Bank of India (SBI) has revealed that middle and high-income states in India have seen a more significant decline in food inflation over the last decade compared to their low-income counterparts. The report highlights the stark differences in food inflation trends between wealthier and poorer states, with a noticeable downward shift in food inflation in higher-income regions. According to the SBI report, the middle and high-income states have experienced a more pronounced drop in food inflation, which reflects a broader trend of faster disinflation in these areas. Conversely, low-income states have seen a much slower decline in food inflation. The report attributes this disparity to the migration of labour from low-income states to more prosperous regions in search of better employment opportunities. This migration is helping to accelerate disinflation in high-income states, as the inflow of workers, coupled with better job opportunities, likely contributes to the reduced pressure on food prices in these regions. However, the reduction in food inflation in low-income states is moving at a more gradual pace, which could be due to various factors, including slower economic development and fewer job opportunities. In addition, the SBI report points out that retail inflation across states is gradually aligning with the Reserve Bank of India’s target of 4 per cent. Using a Sigma-type methodology, the report concludes that the disparity in inflation rates among states has been narrowing over the past decade, though the convergence in food inflation is occurring at a faster rate than in general inflation. A key aspect of the report is the shift in the share of Gross Fixed Capital Formation (GFCF) among Indian states. The share of GFCF in low-income states has risen by 6.44 per cent between FY15 and FY23. In contrast, the share in middle-income states has remained stagnant at around 5 per cent. High-income states have seen a sharp increase in their GFCF share, which has surged from 4.17 per cent in FY15 to nearly 30 per cent in FY23. While the growing share of GFCF in high-income states is indicative of their increasing economic activity, the report also warns that this could exacerbate inflationary pressures in these regions. The rising disparity in economic growth and migration trends calls for balanced regional development and targeted interventions to prevent widening economic inequalities. (With inputs from ANI)
13 December,2024 09:25 AM IST | New DelhiIndia's edible oil imports saw a significant rise in November 2024, climbing 38.5 per cent to 15.9 lakh tonnes, primarily driven by a sharp increase in shipments of crude sunflower oil and crude soyabean oil, as per industry data released by the Solvent Extractors' Association of India (SEA). This surge marked the first month of the 2024-25 oil marketing year. According to the data, the total import of vegetable oils, including both edible and non-edible oils, rose 40 per cent in November, reaching 16.28 lakh tonnes compared to 11.61 lakh tonnes in the same month last year. Of this, 15.90 lakh tonnes were edible oils, up from 11.48 lakh tonnes in November 2023. Non-edible oil imports also witnessed a sharp increase, rising to 37,341 tonnes from 12,498 tonnes in November 2023. In the edible oil category, the import of RBD palmolein saw a notable increase, rising to 2.84 lakh tonnes from 1.71 lakh tonnes in the previous year. The import of crude sunflower oil saw the most dramatic increase, jumping to 3.41 lakh tonnes from 1.29 lakh tonnes, while crude soyabean oil shipments surged to 4.08 lakh tonnes, up from 1.50 lakh tonnes in the same period last year. However, imports of crude palm oil, which is a significant part of India's oil consumption, declined to 5.47 lakh tonnes in November 2024, compared to 6.92 lakh tonnes in the previous year. Overall palm oil imports, including both crude and refined, also declined slightly to 8.42 lakh tonnes from 8.69 lakh tonnes in November 2023. Meanwhile, imports of soft oils, including soyabean and sunflower oils, increased substantially to 7.48 lakh tonnes, up from 2.78 lakh tonnes last year. The data highlights a significant shift in India's edible oil import patterns. While palm oil, traditionally the dominant import, now accounts for only 53 per cent of total edible oil imports, soft oils, which include sunflower and soyabean oils, now make up 47 per cent, compared to just 24 per cent a year ago. Indonesia and Malaysia remain the primary suppliers of RBD palmolein and crude palm oil to India, while soyabean oil mainly comes from Argentina, Brazil, and Russia, and sunflower oil is largely sourced from Russia, Ukraine, and Argentina, according to the SEA data. As per PTI, these trends indicate a growing demand for soft oils in India, reflecting changing consumer preferences and market dynamics in the edible oil sector.
12 December,2024 01:48 PM IST | New DelhiIndian stock markets opened flat on Thursday as the ongoing consolidation continued. However, with the expiry of the futures and options (F&O) contracts today, experts predict increased volatility in the markets. The Nifty 50 index started the session at 24,604.45 points, down by 37.35 points or 0.15 per cent. Meanwhile, the BSE Sensex opened at 81,476.76 points, down by 49 points or 0.06 per cent. Market analysts pointed out that the expiry of F&O contracts today could lead to heightened volatility, although the overall trend of consolidation persists. They also noted that US Consumer Price Index (CPI) inflation figures were in line with expectations, which has further solidified the probability of a Federal Reserve rate cut in the near future. Ajay Bagga, a banking and market expert, mentioned that "The Indian markets are consolidating within a narrow range. Some volatility can be expected today due to the F&O expiry. With the Fed rate cut now largely priced in, the focus will shift to the inflation data expected today, which is anticipated to show a month-on-month drop in the CPI. We expect consolidation followed by a rise towards the end of the year." Bagga also pointed to the US Federal Reserve as a key factor influencing market movements. With US CPI data matching estimates, the probability of a rate cut by the US central bank has surged to over 98 per cent, providing a positive outlook for the US markets. At the time of writing, in the Nifty 50 list, 23 stocks had advanced, while 27 had declined. The top gainers included Tech Mahindra, Bharti Airtel, TCS, and Wipro, while the top losers were Apollo Hospital, SBI Life, BPCL, Trent, and Titan. Sectoral indices saw mixed performance. Nifty Bank, Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Healthcare all registered gains, while other sectors showed a decline. Akshay Chinchalkar, Head of Research at Axis Securities, noted that indecision continued to prevail in the Nifty 50. "Resistance at 24,700 has held strong, and the market has formed a short-term 'pennant' pattern with rising lows and falling highs, indicating the potential for an upside breakout. If the support at 24,500 holds, we may see the market target the 24,800–25,000 zone," he said. On the foreign institutional investment front, foreign investors sold equities worth Rs 1,012 crore on Wednesday, while domestic institutional investors (DIIs) bought equities worth Rs 2,000 crore. Across other Asian markets, indices were in the green. Japan's Nikkei 225 surged by more than 1.28 per cent, Taiwan's Weighted Index rose by 0.93 per cent, Hong Kong's Hang Seng gained 0.68 per cent, and South Korea's market continued its recovery, up 0.35 per cent following recent political instability. Brent Crude was trading at USD 73.66, showing a marginal gain. (With inputs from ANI)
12 December,2024 09:54 AM IST | MumbaiThe Reserve Bank of India (RBI) has introduced several key measures to enhance the financial ecosystem, focusing on the integration of advanced technologies and the expansion of payment systems. Governor Shaktikanta Das, during the monetary policy announcement on Friday, outlined these initiatives, which include the linking of pre-sanctioned credit lines to the Unified Payments Interface (UPI) for Small Finance Banks (SFBs). This development builds upon a feature launched in September 2023, which allowed Scheduled Commercial Banks (excluding Payment Banks and SFBs) to link pre-approved credit lines with UPI. By extending this facility to SFBs, the RBI aims to provide last-mile customers, particularly those new to credit, with better access to low-ticket and short-term credit products. SFBs, known for their technology-driven and cost-effective operations, are expected to play a pivotal role in reaching underserved sections of the population. Operational guidelines for implementing this initiative will be released soon, ANI reports. Responsible AI framework announced As per ANI, the RBI also revealed plans to establish a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) within the financial sector. Recognising the immense potential of Artificial Intelligence (AI) and Machine Learning (ML) technologies in improving operational efficiency and decision-making, the RBI stressed the importance of mitigating associated risks, such as data privacy issues and algorithmic biases. A dedicated committee, comprising experts from various domains, will be formed to design an ethical and adaptable framework to guide the use of AI in financial services. Details regarding the composition and scope of this committee will be disclosed in due course. Tackling digital fraud with AI-powered initiatives In a further effort to enhance cybersecurity, the RBI announced the development of MuleHunter.AITM, an AI/ML-driven model designed to identify mule bank accounts involved in fraudulent activities. Developed by the Reserve Bank Innovation Hub (RBIH), this pilot project has shown promising results in trials conducted with two major public sector banks. The initiative aligns with the RBI's hackathon, "Zero Financial Frauds," which aims to develop innovative solutions to combat digital fraud. Banks have been encouraged to collaborate with RBIH to refine and expand the MuleHunter.AITM project, reinforcing the RBI's commitment to safeguarding the financial system from emerging threats. These announcements mark a significant step in the RBI's efforts to harness cutting-edge technologies for enhancing financial inclusion, combating fraud, and ensuring the ethical use of AI in the financial sector, ANI reports. (With inputs from ANI)
06 December,2024 12:31 PM IST | New DelhiBitcoin has surpassed the USD 100,000 milestone as a big rally in the world's most popular cryptocurrency continues to surge following Donald Trump's election, AP reported. The achievement comes just hours after the President-elect chose Paul Atkins to be the new chair of the Securities and Exchange Commission, indicating a more relaxed regulatory approach to the cryptocurrency business. Trump announced on Wednesday that he wants to nominate Atkins, a former SEC commissioner under George W. Bush's presidency. In the years after leaving the agency, Atkins has spoken against excessive market regulation, AP cited. Bitcoin has skyrocketed since Donald Trump won the election on November 5. As per AP, the cryptocurrency has risen drastically, from $69,374 on Election Day to USD 101,512 on Wednesday, barely two years after falling below $17,000 following the collapse of crypto exchange FTX. BREAKING:Bitcoin tops $100,000 for the 1st time as massive rally rolls on after Trump picks crypto advocate to lead the SEC. https://t.co/WUjhSPuoIU — The Associated Press (@AP) December 5, 2024 It's unclear how long bitcoin will remain above the coveted USD 100,000 mark. The future, like everything else in the volatile cryptoverse, cannot be predicted. While some analysts are optimistic about potential gains, others continue to warn about investment hazards, AP reported. Cryptocurrency investment fraud: 20 booked by Thane Police for duping investors of Rs 26 lakh The police booked 20 persons for allegedly cheating investors of Rs 26 lakh in a cryptocurrency investment fraud in Maharashtra's Thane district, an official said on Monday, the PTI reported. The accused promised monthly returns 12-15 times on the initial investment in a cryptocurrency scheme to lure potential investors between May 2022 and March 2024, he said. "They lured people by meeting them and also contacting them over the phone, and assured lucrative returns on their investment in cryptocurrencies," the official said, PTI cited. The victims were left high and dry as the accused stopped answering their calls and never returned the investment, he added. Nobody has been arrested so far, said a Thane Nagar police station official, the news agency reported. Among the investors are a 41-year-old mobile repair technician and others, an official said. (With AP and PTI inputs)
05 December,2024 09:51 AM IST | New York | mid-day online correspondentMorgan Stanley, the multinational investment bank and financial services giant, has revised its GDP growth forecast for India to 6.3 per cent for the fiscal year 2024-25 (FY25), down from its earlier estimate of 6.7 per cent, according to ANI reports. The downward revision follows India’s economic slowdown during the July-September quarter of 2024. The GDP growth for this period decelerated to 5.4 per cent year-on-year (YoY), marking its slowest pace since March 2023. This was a sharp drop from the 6.7 per cent recorded in the preceding quarter and fell below Morgan Stanley's prediction of 6.3 per cent, as well as the consensus estimate of 6.5 per cent. As per ANI, the July-September slowdown was attributed to weak trends in private consumption and capital expenditure (capex). While private consumption grew by 6 per cent, capital expenditure lagged slightly behind at 5.4 per cent. However, the services sector displayed resilience, registering growth of 7.1 per cent, while the industrial sector grew at a modest 3.9 per cent. Within the industrial domain, manufacturing and electricity were cited as key drags on overall performance. Despite the current moderation, Morgan Stanley remains optimistic about India’s economic recovery in the latter half of FY25. The bank's report predicts that GDP growth will rebound, averaging 6.6 per cent in the second half of the fiscal year, supported by robust festive and wedding season activity observed during October and November. According to ANI, the bank highlighted several factors likely to drive this recovery, including increased government spending, stronger rural demand, and easing financial conditions. High-frequency indicators from recent months suggest that the July-September quarter represented the lowest point in the slowdown, with growth expected to pick up momentum moving forward. Regarding monetary policy, Morgan Stanley anticipates that the Reserve Bank of India (RBI) will maintain its current interest rates in its upcoming policy review on December 6. Inflation, which remains above 6 per cent, is expected to ease to 5-5.5 per cent in the next two months. However, tight liquidity in the banking sector may prompt the RBI to introduce liquidity-enhancing measures, such as open market operations (OMO purchases). The report further identifies three critical areas to monitor for sustained economic recovery: government spending trends, including capital and revenue expenditures; agricultural performance, particularly kharif production and rabi sowing; and domestic liquidity conditions, which influence overall economic activity. Morgan Stanley’s cautious yet optimistic outlook highlights the challenges and opportunities India faces in navigating its path toward economic stability and growth in the coming months. (With inputs from ANI)
03 December,2024 12:36 PM IST | MumbaiIndia’s Gross Domestic Product (GDP) is projected to fall below 6.5 per cent for the current financial year 2025, as GDP growth in the second quarter (Q2 FY25) slowed to 5.4 per cent, according to a report released by the State Bank of India (SBI). The report emphasised that the real GDP growth for the first half of FY25 (H1 FY25) was recorded at 6.0 per cent, with an estimated growth of 6.5-6.8 per cent projected for the second half (H2 FY25). According to the report, the manufacturing-led slowdown played a significant role in the sluggish economic performance. Growth in the industry sector dropped to a six-quarter low of 3.6 per cent during Q2 FY25, substantially affecting the overall GDP numbers. The report stated, "With 6.0 per cent real GDP growth in H1 FY25, the overall growth for the full fiscal year is expected to fall below 6.5 per cent (assuming 6.5-6.8 per cent growth in H2). This manufacturing-led slowdown gives a sketchy reading when juxtaposed against non-impulsive credit growth." The incremental growth in the industry sector during Q2 FY25 amounted to Rs 42,515 crore, a sharp decline compared to Rs 1.4 lakh crore in the same period of the previous year. This marks a decrease of approximately Rs 1 lakh crore in incremental terms. The report added, "After seven quarters, GDP growth has dropped below the 6.0 per cent mark in Q2 FY25, primarily due to 3.6 per cent growth in the industry sector." Despite some resilience shown by other sectors, the underperformance of the industrial sector weighed heavily on the overall economy. The services sector grew by 7.1 per cent in Q2 FY25, marginally higher than the 6.0 per cent recorded in Q2 FY24, but nearly flat compared to the 7.2 per cent growth in Q1 FY25. The agriculture sector, which has consistently performed well since the pandemic, recorded a growth of 3.5 per cent in Q2 FY25, a significant rise compared to 1.7 per cent in Q2 FY24. However, its contribution to overall growth remained modest, with a weighted contribution of just 40 basis points. The Gross Value Added (GVA) growth for Q2 FY25 stood at 5.6 per cent, while nominal GDP grew by 8.0 per cent. This marks the first instance in seven quarters where GDP growth has dipped below the 6.0 per cent threshold, underscoring the challenges facing the economy. According to ANI, the report highlighted that year-on-year comparisons may provide a skewed perspective and recommended focusing on incremental growth figures. While India’s economy has demonstrated resilience in previous years, the current slowdown indicates a temporary pause in the growth trajectory, driven by broad-based sluggishness in the industrial sector. As per ANI, the report concluded that the Indian economy continues to face challenges but remains poised to recover as the industrial sector stabilises. (With inputs from ANI)
30 November,2024 09:26 AM IST | New DelhiIndian stock markets bounced back on Friday, reversing a sharp correction from the previous day. On Thursday, both indices faced a steep decline of over 1 per cent, driven by concerns over geopolitical tensions and uncertainty regarding future interest rate cuts by the US Federal Reserve. However, Friday saw the Nifty index regain the 24,000 mark, while the Sensex surged by more than 300 points, reflecting positive sentiment in the market. The Nifty 50 opened flat at 23,927.15, showing a gain of 13 points or 0.05 per cent, while the BSE Sensex registered a marginal decline of 10 points or 0.01 per cent, opening at 79,032.99. Experts cited the ongoing geopolitical tensions and the unpredictability of the US Fed's monetary policy as key factors influencing market movements. Additionally, the shifting dynamics in global trade, which may undergo significant changes under a potential second term for former US President Donald Trump, have added to the market uncertainty. "The market faced a 1.5 per cent decline in the previous session, mainly due to concerns over global geopolitical developments and the Federal Reserve's stance on interest rates. The evolving trade dynamics are also contributing to a sense of unease, with the prospect of a trade war that could adversely affect developing economies such as India," said Varun Aggarwal, MD of Profit Idea. "If the Nifty falls below 23,870, there could be further downside, potentially heading towards the 23,500 mark." Indian stock markets bounced back on Friday, reversing a sharp correction from the previous day. On Thursday, both indices faced a steep decline of over 1 per cent, driven by concerns over geopolitical tensions and uncertainty regarding future interest rate cuts by the US Federal Reserve. However, Friday saw the Nifty index regain the 24,000 mark, while the Sensex surged by more than 300 points, reflecting positive sentiment in the market. The Nifty 50 opened flat at 23,927.15, showing a gain of 13 points or 0.05 per cent, while the BSE Sensex registered a marginal decline of 10 points or 0.01 per cent, opening at 79,032.99. Experts cited the ongoing geopolitical tensions and the unpredictability of the US Fed's monetary policy as key factors influencing market movements. Additionally, the shifting dynamics in global trade, which may undergo significant changes under a potential second term for former US President Donald Trump, have added to the market uncertainty. "The market faced a 1.5 per cent decline in the previous session, mainly due to concerns over global geopolitical developments and the Federal Reserve's stance on interest rates. The evolving trade dynamics are also contributing to a sense of unease, with the prospect of a trade war that could adversely affect developing economies such as India," said Varun Aggarwal, MD of Profit Idea. "If the Nifty falls below 23,870, there could be further downside, potentially heading towards the 23,500 mark." Among sectoral indices, Nifty IT and Nifty Realty stood out as exceptions, while the Nifty Media index saw a sharp recovery of 1.58 per cent, suggesting a positive market sentiment in some sectors. In terms of individual stocks, top gainers on the Nifty 50 included HDFCLife, SBILife, Dr Reddy, Adani Enterprises, and Sun Pharma, while Power Grid emerged as the top loser. Adani group companies showed continued recovery, with Adani Green shares surging by more than 7 per cent during the day’s early hours. The broader Asian market showed a mixed performance on Friday. Japan's Nikkei 225 index faced selling pressure, dipping by 0.41 per cent, while markets in South Korea and Indonesia saw a sharp correction of over 1 per cent. On the other hand, Hong Kong's Hang Seng and China's Shanghai Composite Index recorded marginal gains. As per ANI, domestic stock markets had experienced selling pressure the day before, with both indices declining by over 1 per cent due to losses in technology stocks, lack of significant global cues, and weak performances across Asian markets. ANI reports that the Indian stock market’s recovery on Friday provides a ray of optimism, though experts continue to monitor the ongoing risks related to global economic and political developments. (With inputs from ANI)
29 November,2024 10:00 AM IST | MumbaiADVERTISEMENT
