Canada Global Tv: In a second consecutive session, Indian equities ended lower on Thursday as losses in the IT and energy sectors overshadowed bank gains. Investors appeared to ignore remarks from the U.S. Federal Reserve that suggested a continued hawkish stance.
The S&P BSE Sensex dropped 0.11% to 60,836.41 while the NSE Nifty 50 index closed 0.17% lower at 18,052.70.
The leading indices declined as much as 0.7% each earlier in the day, marking their largest intraday percentage decrease in three weeks, after a slide in broader markets.
According to Neeraj Dewan, director of Quantum Securities, “our market has not reacted too severely because we have been experiencing good foreign investor inflows in the last three to four days.”
“The corporate results have been rather impressive. Data will dictate what the Fed does.”
According to preliminary information provided by the National Stock Exchange, foreign institutional investors purchased shares of stock on Wednesday totaling a net 14.36 billion Indian rupees ($173.61 million).
On Wednesday, the Fed increased rates by 75 basis points and stated that future increases in borrowing costs are necessary to combat inflation.
The Friday jobs report will now be the main focus since it may provide some clues about potential interest rate increases.
While the public sector bank index closed up 2.52%, the IT and energy Nifty indices fell 1.18% and 0.55%, respectively, in domestic trading.
Adani Wilmar Ltd.’s stock price fell 2.4% after it reported a 73% decline in quarterly profit for the third quarter of 2017.
Indigo Paints reported a second-quarter profit that more than doubled, and the stock ended 11.9% higher.
$1 is equal to 82.7120 Indian rupees.
