India Indexes Downside Muted After Crude Oil Prices Extended Recent Decline

Arun Goswami
27 Nov, 2024
Mumbai

Stocks in Mumbai lacked direction in early trading as investors reviewed the latest corporate updates. 

The Sensex index increased 0.2% to 80,020.44, and the Nifty index edged down 0.1% to 24,184.0. 

Market indexes have struggled to shake off weakness over the last five weeks amid an outflow of foreign funds, but steady inflows of funds from domestic investors have muted the negative impact. 

In addition, the sharp fall in crude oil prices over the last nine trading sessions has trimmed the market decline as Israel and Hezbollah are nearing a ceasefire agreement. 

Crude oil prices have dropped more than 20% from their peak of $86.64 in May and traded at a two-year low in international markets. 

Despite the volatile market conditions over the last three weeks, the Sensex and the Nifty have advanced more than 11% in the year so far as of the close of Tuesday. 

 

India Stock Movers 

Siemens Ltd. decreased 1.3% to ₹7,255.0 after the engineering and equipment company reported its quarterly results. 

Consolidated net income in the fiscal third quarter ending in September increased to ₹830.7 crore from ₹571.3 crore a year ago. 

UltraTech Cement declined 3.3% to ₹11,110.85, and Kesoram Industries dropped 2.7% to ₹212.84 after the National Company Law Tribunal approved the merger plan of two companies. 

NTPC Green is set to commence its trading on exchanges today after the company priced its initial public offering towards the upper end of the filing range at ₹108 per share and raised ₹10,000 crore. 

Angel One Ltd. increased 4.8% to ₹2,935.0, and the company received an approval from the SEBI to launch its mutual funds business. 

Nippon Life India Asset Management advanced 1.7% to ₹705.85, and the company acquired two commercial properties at One Lodha Place located in the Lower Parel area in Mumbai, according to the filings with the city's registration authority. 

Devyani International Ltd. declined 0.2% to ₹166.45, and Sreejit Madhavan Nair, chief executive of its Costa Coffee operations, submitted his resignation effective January 8, 2025. 

Kamalajeet Bedi will assume the role of CEO of Costa Coffee and the airport business.