Markets decline in early trade after record rally
The Hindu
Equity indices drop after record rally, profit-taking emerges, Asian markets weak, US markets gain, Brent crude rises.
Equity benchmark indices declined in early trade on Friday (September 13, 2024) after the previous session's record rally on the emergence of profit-taking amid weak trends from Asian peers.
The 30-share Bombay Stock Exchange (BSE) Sensex dived 200.03 points to 82,762.68 after beginning the trade on a positive note. The National Stock Exchange (NSE) Nifty dropped 67.5 points to 25,321.40.
Among the 30 Sensex firms, Asian Paints, Mahindra & Mahindra, ITC, Hindustan Unilever, Bharti Airtel, Sun Pharma, Infosys and Bajaj Finance were the biggest laggards.
Tata Steel, JSW Steel, Tata Motors and Power Grid were among the gainers.
In Asian markets, Seoul, Tokyo and Shanghai were trading lower, while Hong Kong was quoted in the positive territory.
The U.S. markets ended with gains on Thursday (September 12, 2024).
A sharp fag-end rally drove the BSE benchmark to the 83,000 level for the first time on Thursday (September 12, 2024). The barometer surged 1,593.03 points or 1.95% to hit its lifetime intra-day peak of 83,116.19. The index ended at a record high of 82,962.71, up by 1,439.55 points, or 1.77%.
Kharif crop sowing and healthy monsoon expected to boost food production, rural demand, and reduce inflation in 2024-25.
Air India's new policy requiring cabin crew to share hotel rooms raises concerns over rest and privacy during long-haul flights.
Adani Enterprises Ltd merges subsidiaries to boost green energy projects, including solar, wind, and hydrogen technologies.
Anup Gupta appointed new Chairman of Bombay Stock Exchange Brokers' Forum, bringing financial expertise and global engagement.
CII collaborates with MCA to implement PM Internship Scheme, offering one crore youth hands-on industry experience for employability.
Global investors are cautiously optimistic about China's economic revival, attracted by low valuations and government stimulus measures.
Make in India policy aims to boost manufacturing sector GDP share and create industrial jobs, but outcomes show stagnation and decline.
SEBI pushes for tax breaks on municipal bonds, proposes measures to tighten rules in derivatives market.
NMDC raises iron ore prices by ₹400/tonne, impacting lump ore at ₹5,750/tonne and fines at ₹5,010/tonne.
Central government appoints new members to the Monetary Policy Committee for a four-year term, including RBI representatives and government appointees.
India's GST collections hit a 40-month low in September, with revenues of ₹1,73,240 crore, showing slow growth.