Sensex down over 200 points on weak trend in Asian markets
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The benchmark BSE Sensex fell by over 228 points and the NSE Nifty dipped below the crucial 7,800 mark in early trade on Friday as investors offloaded their positions on disappointing macro data and weak trend in Asian markets.
At 1015 hours was trading down 226.47 points, or 0.88% at 25,640.48.
Asian shares looked vulnerable on Friday after commodity prices plunged to multi-year lows on worries that softer global growth may exacerbate the supply glut, while US Federal Reserve officials kept beating the drum for a rate hike next month.
The 30-share barometer, which gained 123.69 points on the first day of Samvat 2072 in special 'Muhurat' session on Wednesday, was trading lower by 228.41 points or 0.88% at 25,638.54, with all the sectoral indices led by infra, power, banking and realty in the red.
On similar lines, the NSE Nifty slipped below the 7,800 mark by falling 80.75 points or 1.03% to 7,744.25.
Brokers said market mood took a hit after a government data showed that industrial production fell to a four-month low of 3.6% in September due to subdued performance by manufacturing and non-durable consumer goods segments.
Adding to the gloom was inflation, which rose for a third straight month and touched 5% in October.
A weak trend in other Asian markets in line with heavy losses in Europe and the US after commodity prices plunged to multi-year lows on worries that softer global growth may exacerbate the supply glut also weighed on the sentiment here.
Hong Kong's Hang Seng was down 2.09%, Shanghai's Composite index fell 1.01%, while Japan's Nikkei shed 0.89% in their early trade.
Meanwhile, the US Dow Jones Industrial Average ended 1.44% lower on Thursday.
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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