The BSE Mid-cap Index is trading down 1.01% at 10,692, whereas BSE Small-cap Index is trading down 0.51% at 11,154.
The BSE Mid-cap Index is trading down 1.01% at 10,692, whereas BSE Small-cap Index is trading down 0.51% at 11,154.
The market wanted an auspicious start in Samvat 2072 and that did come on the day of muhurat trading when indices managed to claw higher by half a percent. However, luck may be running out for the bulls in the near term as global and local factors do not augur well for now. Industrial production slowed in September growing by a mere 3.6%. This is in sharp contrast to the growth of 6.2% recorded in August. Low growth in mining and manufacturing sectors was the culprits for bringing down IIP. The Consumer Price Index -based inflation soared yet again on account of a spike in the price of pulses hitting 5% in October.
Global cues are also negative for equity markets. US stocks came tumbling down towards the end fuelled by falling oil prices, which led to a sell-off in energy- related shares. The S&P 500 fell 1.40%, the Dow dropped 1.44% and the Nasdaq fell 1.2%. Asian markets too are in the red. Stocks that have been added to the MSCI index will be in focus. Indications are that Ashok Leyland, Cadila, Maruti and Tata Motors DVR To Global Standard Index would be added.
An Olympic style event awaits Prime Minister Narendra Modi as he is set to address an estimated 70,000 people at the Wembley Stadium in London today. The signing of a civil nuclear deal, deeper cooperation on clean energy and climate change, the release of a Railway rupee bond, and the conversion of London into a centre for rupee-denominated Masala Bonds are among an estimated £9-billion worth of deals to be concluded during Prime Minister Narendra Modi’s three-day visit to the UK, says a report.
On Thursday, European Central Bank (ECB) President Mario Draghi said inflation dynamics had weakened and that a "sustained normalisation" of inflation could take longer to achieve than thought.
Revenue Secretary Hasmukh Adhia has told industry and financial consultants not to press with their demand for including natural gas and LNG as ‘declared goods’. Declared good status would mean a flat tax rate of 5 per cent across all States. Five per cent is at the lower end of the Central sales tax/value added tax rates, says a report in HBL.
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