Equity benchmark indices declined in early commerce on October 26. Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan have been the opposite main laggards.
| Photo Credit: Reuters
Equity benchmark indices declined in early commerce on October 26, persevering with their weak momentum, amid damaging pattern in global markets and recent foreign fund outflows.
The 30-share BSE Sensex plunged 502.5 factors to 63,546.56. The Nifty fell 159.55 factors to 18,962.60.
Among the Sensex corporations, Tech Mahindra traded almost 3% decrease after the corporate posted 61% decline in consolidated internet revenue to ₹505.3 crore for July-September interval primarily on account of decreased spending by purchasers.
Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, JSW Steel, Tata Motors, Nestle and Titan have been the opposite main laggards.
Axis Bank emerged as the one gainer after the agency reported a ten% improve in September 2023 quarter internet revenue to ₹5,864 crore on greater curiosity earnings.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong have been quoting decrease. The U.S. markets ended within the damaging territory on October 25.
“There is risk-off in global equity markets triggered by a combination of economics and geopolitics. The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth,too, when the global economy is already in the midst of a slowdown.”
“In the near-term, however, the strongest headwind for the market is the stubbornly high U.S. bond yields. With the 10-year bond yield at near 5% FPIs are likely to be in the sell mode,” stated V. Ok. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global oil benchmark Brent crude declined 0.29% to $89.87 a barrel. Foreign Institutional Investors (FIIs) offloaded equities price ₹4,236.60 crore on Wednesday, in accordance to alternate knowledge.
The BSE benchmark tanked 522.82 factors or 0.81% to settle at 64,049.06 on October 25. The Nifty fell 159.60 factors or 0.83% to 19,122.15.
