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India’s benchmark indices opened higher on Thursday before re-entering negative territory in morning trade. The 30-share Sensex was trading at 77,438.60, down 252.35 points, or -0.32 per cent, around 11 am. The broader Nifty 50 was nearly flat at 23,516.35, down 42.70 points or -0.18 per cent.
Only seven stocks were trading in the green on the Sensex with Kotak Mahindra Bank and Reliance Industries leading the charts. On Nifty 50, Eicher Motors, the manufacturer of Royal Enfield motorcycles, was up 7.38 per cent after reporting strong numbers.
Market analysts though remain cautious after Nifty and small- and mid-cap indices entered correction territory – falling more than 10 per cent from their recent peak on September 27 – while Sensex narrowly avoiding it, the Press Trust of India reported.
Lukewarm overall corporate earnings and massive foreign outflows, worth $15 billion in the last 33 sessions, have led to market weakness.
In the past two days, Sensex has tanked 1,805.2 points, or 2.27 per cent on higher October inflation data and geopolitical concerns. The retail inflation print of over 6 per cent – the highest in 14 months – dashed hopes of a rate cut in the December meeting of the Reserve Bank of India’s Monetary Policy Committee.
Asian markets were trading mixed on Thursday morning after overnight data showed higher inflation in the United States.
Meanwhile, Rupee fell to a new low in early hours on Thursday, trading at 84.4 a dollar, down 1 paisa.
