Sensex, Nifty 50 Slide for 6th Day Amid Reliance-Disney Merger
In a day marred by market volatility, the Indian stock market continued its downward spiral, with key benchmark indices, Sensex and Nifty 50, sliding for the sixth consecutive session on Thursday.
The Reliance-Disney merger deal, worth $8.5 billion or ₹70,352 crore, marked a positive trend as it created India's largest media powerhouse. The joint venture, in which Reliance Industries has invested ₹11,500 crore (USD 1.4 billion), will be headed by Nita Ambani as its Chairperson.
However, the overall market sentiment remained bearish, with heavyweight stocks like HDFC Bank providing limited support to prevent a further significant decline. Analysts attributed the slide to the ongoing interest rate hike cycle and concerns over inflation.
Hero MotoCorp's Q2 Results Show Robust Growth
Meanwhile, Hero MotoCorp Limited announced its July to September quarter results, recording a 6% rise in net profits to ₹1,066 crore in the second quarter of the financial year 2024-25. Revenue grew 9.9%, indicating a strong sales performance.
Glenmark Pharma Posts Slight Profit Rise
Pharma major Glenmark Pharmaceuticals Limited also announced its Q2 results, showing a slight net profit increase of ₹354.48 crore, while revenue posted a 7.5% year-on-year growth.
Brainbees Solutions Records Narrower Loss
FirstCry parent firm Brainbees Solutions reported a decline in consolidated net loss to ₹62.85 crore for the quarter ended September 2024, compared to ₹119.40 crore in the same quarter last year, indicating a reduction in operational expenses.
Delhi Pollution: Restrictive GRAP III Imposed
In a separate development, Delhi's air quality continued to decline, prompting the central pollution watchdog to impose strict Stage III GRAP restrictions from Wednesday. All construction and demolition activities will be banned, while the state government is expected to take decision on discontinuing in-person classes for students up to Class 5.
The nation's capital was under a severe air quality alert due to poor visibility and hazardous pollutants, highlighting the need for stricter measures to combat pollution.