Caution Prevails On Dalal Street Amid Earnings Slowdown

Arjun Pandit
28 Nov, 2024
Mumbai

Stocks in Mumbai traded sideways, and the rupee hovered near the record low. 

The Sensex index decreased 0.03% to 80,204.45, and the Nifty index was up 0.01% to 24,275.80. 

Market sentiment was mildly positive on Dalal Street as investors debated the future economic outlook in the face of a sharp slowdown in earnings growth. 

Consumer products and vehicle makers have struggled in the last two quarters amid a slowdown in demand growth and weak earnings growth. 

Moreover, investors are worried that the Reserve Bank of India may not be in a hurry to lower interest rates in the near future, further providing headwind to the sale of property, vehicles, and appliances. 

In international trading, crude oil prices continued to drift lower after the Israeli military and Hezbollah agreed to a tentative ceasefire, eliminating the risk of crude oil supply disruptions. 

 

India Stock Movers

KEC International edged lower 0.3% to ₹1,021.05, and the company said it won an order worth 1,704 crore from Power Grid Corporation for 765 kV electricity transmission lines and distribution stations. 

Aster DM Healthcare Ltd. soared 9% to ₹480.0 in the previous session after the company said it plans to acquire the remaining 13% stake in Aster Aadhar Hospital, previously known as Prerana Hospital. 

Oceanic Foods Ltd. decreased 4.4% to₹45.0 after the company agreed to pay ₹12.2 lakh fine to the Securities and Exchange Board of India for violating disclosure requirements. 

Sudarshan Chemical Industries increased 0.9% to ₹989.0, and the two promoters of the company sold 3% stake in the company for ₹197 crore through open market transactions. 

Pradeep Ramwilas Rathi sold 7.6 lakh shares, and Subhadra Pradeep Rathi sold 20.75 lakh shares in the company. 

The Finance Ministry has issued approval to raise as much as ₹25,000 crore through equity offerings to public sector banks in the current fiscal year and meet a regulatory requirement of 25% minimum public shareholding. 

Bank of India increased 0.9% to ₹112.55, and the company raised ₹5,000 crore through the sale of infrastructure bonds with a coupon rate of 7.41%. 

Bank of Baroda gained 0.1% to ₹246.65, and the company raised ₹3,500 crore through the sale of bonds with a coupon rate of 7.4%. 

Godrej Properties advanced 1.6% to ₹2,883.05, and the company launched a secondary offering to raise as much as ₹6,000 crore.