Sensex, Nifty Snap Long Winning Streak, End Modestly Lower

RTTNews | hace 834

(RTTNews) - Indian shares drifted lower on Wednesday on weak global cues amid caution ahead of the Federal Reserve's monetary policy announcement later in the day.

Concerns about interest rate hikes and the likely impact on global economic growth outweighed data showing a significant expansion in India's services sector growth.

The benchmark BSE Sensex, which plunged to a low of 61,024.44, losing about 330 points, ended the session with a loss of 161.41 points or 0.26% at 61,193.30, snapping an 8-day winning streak.

The broader Nifty50 index of the National Stock Exchange snapped a 6-session winning streak and settled with a loss of 57.80 points or 0.32% at 18,089.85, nearly 50 points off the session's low of 18,042.40.

In economic news, India's service sector activity increased significantly in April to reach its highest level in over a decade, underpinned by strong demand conditions, results of the purchasing managers' survey by S&P Global showed.

The services Purchasing Managers' Index, or PMI, climbed to 62.0 in April from 57.8 in March. A score above 50 indicates expansion in the sector.

Technology, metal, oil and PSU bank stocks were among the prominent losers today. FMCG stocks found some support.

Bharti Airtel, Tech Mahindra, Axis Bank, Bajaj Finance, Larsen & Toubro and Tata Consultancy Services lost 1 to 1.6%.

Sun Pharmaceutical Industries, Reliance Industries, State Bank of India, Wipro, Infosys and HCL Technologies shed 0.6 to 1%.

Tata Steel recovered from the day's lows and ended lower by 0.45%. The steelmaker reported a net profit of Rs 1,566 crore for the fourth quarter ended March 2023, compared with net profit of Rs 9,835 crore in the year-ago quarter.

Adani Ports drifted down by about 2%. ONGC also lost nearly 2%, while UPL declined 1.7%. HDFC Life, SBI Life, Hindalco and JSW Steel also ended notably lower.

Hind Unilever climbed more than 1.5%. Asian Paints, Tata Motors, UltraTech Cement, ITC, Nestle and Kotak Bank gained 0.5 to 1.1%.

Ambuja Cements ended more than 3% down after reporting a 2.1% decline in quarterly earnings.

MRF Ltd shares surged more than 5.5% after the company reported a whopping 106.2% jump in fourth-quarter net profit.

Shares of Adani Group companies ended weak after Adani Wilmar reported a 56% decline in its standalone net profit for the March quarter. Adani Wilmar lost 5%. Adani Enterprises, Adani Power, Adani Total Gas, Adani Ports & Special Economic Zone and Adani Green Energy, all drifted lower.

The market breadth was neutral. On BSE, 1,718 stocks moved higher and 1,779 stocks ended weak, while 155 stocks closed flat.

Canadian Market Remains In Negative Territory After Weak Start

The Canadian market, which opened on a weak note Thursday morning, continues to languish in negative territory well past noon, weighed down by losses in technology and industrials sectors.

RTTNews | hace 35 minutos

Swiss Market Ends Modestly Higher After Mild Struggle

The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.

RTTNews | hace 1h 0min

Major European Markets Close On Positive Note

Amid expectations of a rate cut from the Federal Reserve in September, and hopes the meeting between the Presidents of the U.S. and Russia will help end the war in Ukraine, the major European markets closed on a positive note on Thursday, although the U.K. market underperformed other major markets in the region.

RTTNews | hace 1h 16min

U.S. Producer Price Growth Far Exceeds Estimates In July

Producer prices in the U.S. increased by much more than expected in the month of July, the Labor Department revealed in a report released on Thursday. The Labor Department said its producer price index for final demand shot up by 0.9 percent in July after coming in unchanged in June. Economists had expected producer prices to rise by 0.2 percent.

RTTNews | hace 3h 44min

U.S. Weekly Jobless Claims Unexpectedly Dip To 224,000

The Labor Department released a report on Thursday unexpectedly showing a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 9th. The report said initial jobless claims dipped to 224,000, a decrease of 3,000 from the previous week's revised level of 227,000.

RTTNews | hace 4h 16min

UK GDP Rises More Than Expected

The UK economy expanded more than expected in the second quarter but the overall growth softened as US frontloading propelled growth at the start of the year. Gross domestic product expanded 0.3 percent in the second quarter largely driven by growth in the service sector, the Office for National Statistics reported Thursday. Although the rate was stronger than the expected growth of 0.1 pe

RTTNews | hace 4h 57min

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Thursday morning, reacting to data showing a bigger than expected increase in U.S. producer price index, and mixed batch of earnings data from Canada. Oil prices are up, while metals are exhibiting weakness.

RTTNews | hace 5h 28min

S&P Sees Limited Impact From U.S. Tariffs On Indian Economy, Raises Ratings

S&P Global Ratings upgraded India's sovereign ratings on Thursday citing a buoyant economic growth, enhanced monetary policy conditions and the government's fiscal consolidation commitment, while the higher tariffs from the U.S. administration is estimated to have only limited impact on the economy. India's sovereign credit ratings were raised to 'BBB' from 'BBB-', with a 'stable' outlook.

RTTNews | hace 5h 32min

EURUSD	1.16374	GBPUSD	1.35298	AUDUSD	0.64918
USDJPY	147.916	USDCAD	1.38163	USDCHF	0.80867