New Delhi [India], November 8 (ANI): Stock indices in India closed lower on Friday, extending losses from the previous session. The Sensex ended at 79,486.32 points, down by 55.47 points or 0.07 per cent, while the Nifty closed at 24,148.20 points, a decline of 51.15 points or 0.21 per cent.
Among sectoral indices, PSU Bank, Media, Realty, and Oil and Gas were the top losers, according to NSE data.
Continued selling by foreign portfolio investors (FPIs) remains a concern. In October, FPIs offloaded stocks worth Rs 94,017 crore, exerting downward pressure on the market and making them net sellers in India after four months as buyers. This monthly sell-off marked the highest-ever recorded in a single month, as per National Securities Depository Limited data. So far in November, FPIs have sold Rs 14,358 crore.
“Consolidation continued in the market as investors remained cautious due to disappointing earnings and the ongoing flight of FPIs. The US Fed has continued its rate-cutting cycle to stimulate the economy, and a similar 25-bps rate cut is expected in the December policy meeting amid moderating inflation,” said Vinod Nair, Head of Research at Geojit Financial Services.
“In India, however, inflation is expected to have risen in October, and the strengthening USD would likely prompt the RBI to hold rates in the near term,” Nair added.
Meanwhile, the rupee hit another low today. Vishnu Kant Upadhyay, AVP of Research and Advisory at Master Capital Services Ltd, attributed the decline to a strong dollar index and sustained outflows from foreign institutional investors (FIIs).
Krishna Appala, Senior Research Analyst at Capitalmind Research, noted that, alongside ongoing selling pressure and earnings downgrades, market valuations are cooling, presenting investors with opportunities to accumulate stocks.
In other news, the State Bank of India reported a 27.92 per cent increase in net profit for the July-September quarter, reaching Rs 18,331 crore. The bank’s combined net profit for the April-June and July-September quarters rose by 13.30 per cent to Rs 36,367 crore. (ANI)
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