Markets End Flat Amid Volatility, Rupee Hits New Low
Mumbai: Stocks ended flat in a volatile session today, with IT and financial stocks helping limit losses, while healthcare and FMCG sectors lapped. The rupee plummeted to a record low of ₹84.39 against the US dollar, down 1% over six months.
At the Bombay Stock Exchange (BSE), the benchmark Sensex Index closed flat at 79,496 points, largely unchanged from its previous close. The Nifty 50 Index also ended steady at 24,141 points, below the 24,200 mark, with 30 of its constituent stocks experiencing declines.
Equity mutual fund inflows surged 21.7% in October to reach ₹41,865 crore, driven by increased investor confidence across multiple fund categories. Large cap funds saw inflows more than double, rising to ₹3,452.3 crore from ₹1,769 crore in the previous month.
However, shares of Asian Paints Ltd., have received further downgrades and price target cuts after its September quarter results significantly missed analyst expectations. Analysts have cited rising competition and a blurred outlook behind cutting their ratings, price targets, and Earnings Per Share (EPS) estimates for the years ahead.
The government may consider relaxing cash management guidelines in the fourth quarter of FY25, which could relax expenditure caps traditionally enforced in the January-March quarter. This move could support capital expenditure targets.
Chief Justice Sanjiv Khanna has taken over as the 51st Chief Justice of India and is expected to retire on May 13, 2025.
A fire was reported at Indian Oil Corporation's (IOC) Guruhi refinery in Gujarat, but no major disruption to operations. The Kremlin has denied reports that US Incoming President Donald Trump spoke to Russian President Vladimir Putin recently, labeling the information 'baseless'.
The annual UN climate summit kicked off in Baku, Azerbaijan, with countries preparing for tough talks on finance and trade following a year of severe weather disasters. Delegates are hopeful of resolving the top agenda item – a deal for up to $1 trillion in annual climate finance for developing countries.
In a significant development, full-service airline Vistara will operate its last domestic and international flight tonight ahead of an official merge with Air India.