Indian shares ended Monday’s session modestly lower amid concerns over slowing earnings growth and a weakening rupee amidst continued foreign fund outflows.
Rising geopolitical risks also weighed on markets after fighting between Russia and Ukraine intensified over the weekend, and outgoing U.S. President Joe Biden authorized the first use of U.S.-supplied long-range missiles by Ukraine for strikes inside Russia.
The benchmark S&P BSE Sensex ended the session down 241.30 points, or 0.31 percent, at 77,339.01, with IT, energy and healthcare stocks leading losses.
The broader NSE Nifty index closed at 23,453.80, down 78.90 points, or 0.34 percent, from its previous close.
Cipla, BPCL, Infosys, Dr Reddy’s Laboratories and TCS fell 2-3 percent in the Nifty pack while Hindustan Unilever, Nestle India, Tata Steel and Hero MotoCorp gained 1-3 percent.
NALCO, Hindalco and Vedanta surged 3-9 percent after China withdrew export tax rebate on aluminum and copper products.
Gas distribution companies Mahanagar Gas and Indraprastha Gas fell 14 percent and 20 percent, respectively after the government, over the weekend, cut the Administered Price Mechanism (APM) allocation to the companies by 20 percent for the second consecutive month.
Market Analysis
Sensex, Nifty End Modestly Lower
2024-11-18 10:36:29
