Sensex and Nifty Close Flat Amid Volatile Trade; FII Selling Puts Pressure

New Delhi, Nov 11 - The benchmark stock indices Sensex and Nifty closed flat in volatile trade on Monday as foreign institutional investors (FII) sold stocks, while weak quarterly earnings from some companies led to a drop in investor sentiment.

The Sensex ended unchanged at 59,345 points, while the Nifty settled at 17,444 points. The market remained sluggish despite robust performance from some sectors like tech and finance.

Disappointing quarterly earnings from companies such as Tata Consultancy Services (TCS) and Infosys added to the pressure on the markets. FII selling also led to a depreciation of the rupee against the US dollar, which closed at a new lifetime low of 84.38 against the greenback.

Wistara Airline Prepares for Merger with Air India; Last Flight Tonight

In related news, Wistaera Airlines, a full-service carrier based in India, will close its operations tonight marking the end of its nearly decade-long journey as an independent airline. The airline will begin operating flights under the Air India brand from tomorrow.

Rupee Hits New Lifetime Low of 84.38 Against US Dollar

The rupee depreciated by one paisa to reach a new lifetime low of 84.38 against the US dollar on Monday. The decline is attributed to persistent foreign fund outflows and weak trends in domestic equities.

Wheat Sowing on Track Despite Delayed Paddy Harvests

Despite delayed paddy harvests in two key states, agriculture production is progressing well, according to Agriculture Secretary Devesh Chaturvedi. Wheat sowing is also gaining momentum and may increase in coming days, he added.

Telecom Regulator to Finalize Recommendation on Spectrum Allocation Norm for Satellite Communications

The Telecom Regulatory Authority of India (Trai) is likely to finalize its recommendation on the proposed rules related to spectrum allocation for satellite communications by December 15. The norms are designed to promote competition and efficiency in the sector.

Five WTO Nations Urge India to Reduce Welfare Support for Wheat, Rice

Five countries - Argentina, Australia, Canada, Ukraine, and the United States - have urged India to reduce its welfare support for wheat and rice as excessive market support distorts global trade.