New Delhi. Benchmark indices witnessed a big fall in early trade on Friday due to withdrawal of foreign funds and weak global cues. The 30-share BSE Sensex slipped by 1100 points in early trade. On the other hand, NSE Nifty fell below 24250.
At 10:58 am, the Sensex fell 984.26 (1.21%) points to 80,352.14. Nifty was seen trading at the level of 24,247.70, falling 301.00 (1.23%) points. Among the 30 Sensex major companies, Tata Steel, JSW Steel, IndusInd Bank, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, State Bank of India and Reliance Industries were the biggest losers. Bharti Airtel, Nestle, Adani Ports and Hindustan Unilever were gainers.
Foreign institutional investors (FIIs) sold equities worth Rs 3,560.01 crore on Thursday, according to exchange data. Retail inflation eased to 5.48 per cent in November and fell within the Reserve Bank’s comfort zone mainly due to a decline in food prices, prompting the central bank’s rate-setting committee led by new governor Sanjay Malhotra in February. There was scope for reduction in interest rates in the meeting.
Consumer Price Index (CPI) based headline inflation stood at 6.21 per cent in October and 5.55 per cent in November 2023. According to official data released on Thursday, India’s industrial production (IIP) growth rate slowed to 3.5 percent on an annual basis in October 2024, mainly due to poor performance of mining, power and manufacturing.
