Sensex, Nifty 50 Slide for 6th Day Amid Reliance-Disney Merger Deal

Delhi - The Indian stock market continued its downtrend for the sixth consecutive session yesterday, with notable weakness in the FMCG sector. However, heavyweight stocks like Reliance Industries and HDFC Bank provided support, tempering the pace of selling.

The merger deal between Mukesh Ambani-led Reliance Industries and Walt Disney's India business has finally been completed, marking the creation of India's largest media powerhouse. The joint venture, valued at $8.5 billion ( ₹ 70,352 crore), will be headed by Nita Ambani as its Chairperson.

The Sensex slumped for the sixth day in a row, with the benchmark index closing red, down over 500 points from its previous day's close. The Nifty 50 also ended lower, with a decline of around 200 points.

On the corporate front, Hero MotoCorp Ltd announced a 6% rise in net profit during Q2 on a sequential basis (July-Sept). However, Glenmark Pharmaceuticals Limited posted a narrow loss of ₹354.48 crore during the same period.

In other news, Brainbees Solutions, the parent firm of FirstCry, has reported an improved net loss of ₹62.85 crores during the second quarter ended September 2024 (Q2), down from ₹119.40 crores in the year-ago period.

The situation in Delhi took a turn for the worse with severe levels of pollution having been recorded by the central pollution watchdog, prompting strict Stage III GRAP restrictions to be imposed.

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