Nifty slides below 19,000 level amid widespread selling; broader market tumbles

The domestic equity barometers tumbled in early trade on Thursday as the bourses witnessed significant selling in index pivotals. The Nifty traded below the 19,000 level. Shares across sectors declined, with metal, auto and IT stocks falling the most.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was down 483.63 points or 0.76% to 63,565.43. The Nifty 50 index declined 154.90 points or 0.81% to 18,967.25.

In the broader market, the S&P BSE Mid-Cap index fell 1.55% while the S&P BSE Small-Cap index lost 1.94%.

The market breadth was weak. On the BSE, 459 shares rose and 2113 shares fell. A total of 92 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 0.27% to 7.363 from its previous close of 7.343.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2225, compared with its close of 83.1725 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.11% to Rs 60892.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.19% to 106.73.

The United States 10-year bond yield rose 0.17% to 4.961.

In the commodities market, Brent crude for December 2023 settlement lost 29 cents or 0.32% to $89.84 a barrel.

Stocks in Spotlight:

Axis Bank rose 0.71%. The private lender`s net profit rose 10.02% to Rs 5,863.56 crore on 31.4% jump in total income to Rs 31,660.26 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) grew 19% YoY to Rs 12,315 crore as against Rs 10,360 crore posted in Q2 FY23 . Net interest margin (NIM) for Q2 FY24 stood at 4.11%, up 15 basis points (bps) YoY.

Tech Mahindra fell 3.10%. The IT major`s consolidated net profit slipped 28.68% to Rs 493.9 crore in Q2 FY24 as against Rs 692.5 crore posted in Q1 FY24. Revenue from operations declined 2.24% quarter on quarter (QoQ) to Rs 12,863.9 crore in the quarter ended 30 September 2023.

Indus Towers added 1.43%. The company reported 49% rise in consolidated net profit to Rs 1295 crore 10% fall in revenue to Rs 7133 crore in Q2 FY24 over in Q2 FY23.

Jubilant FoodWorks slumped 5.26%. The company reported 26.1% fall in consolidated net profit to Rs 97.2 crore 4.9% rise in total income to Rs 1375.7 crore in Q2 FY24 over in Q2 FY23.

Global Markets:

Asian stocks are trading lower on Thursday as U.S. shares slumped following a batch of poor corporate earnings.

US stocks dropped on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer. Traders also kept an eye on the latest comments by US President Joe Biden after he had asked Israel to delay its invasion so that more hostages held by Hamas could be freed.

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