India’s Benchmark Equity Closed Thursday Lower on Profit

MUMBAI, India – Sensex and Nifty, two benchmark equity indices in India closed the trading session on Thursday with marginally lower profits.

Amid profit-booking, the majority of the Indian stock market was subdued through the trading session. The decline on the market came even after the Union cabinet has approved the massive divestment exercise of the government on Wednesday as well the tightened default closure statistic of market regulators.

The Nifty 50 index led the massive drop in the Indian market as it dropped about 0.26% or 30.70 points, bringing its value towards 11,968.40. The BSE Sensex also had a considerable fall as it dipped about 0.19 percent, dropping 76.47 points and going down to the 40,575.17 value.

Based on commentaries from some analysts, the market is still waiting on the GDP (gross domestic product) data that is expected to be released on November 29. Analysts also said that the numbers are likely to show the deepening slowdown in the economy in the country. The Indian market is also on the lookout for any updates regarding the long-standing trade negotiations between the US and China.

The BSE Midcap also dropped to a considerable 0.73%, while the Smallcap dipped to a moderate 0.43%. In general, the Indian market was also at the negative with 1,101 stocks on BSE rose, but 1,454 stocks experienced a marginal decline, with 206 stocks has remained the same. On the Nifty 50index, a total of 14 shares gained, while 36 shares dropped considerably.

On the sector indices, the BSE Realty came out Thursday with a 0.45% gain, but the BSE Metal was leading the downtrend with a 2.23% drop on shares, which was followed by the 2.14% dip by the BSE Oil and Gas.

On the other hand, the infrastructure developers tracked gains after the amendment the government made over the highway monetization program’s TOT (toll operate transfer) model rules. The IRB Infrastructure Developers reported a 12.5% gain, while the KNR Constructions had a 3.6% rise.

However, the Telecom company shares declined, with the Vodafone Idea losing about 6.08%, followed by Bharti Airtel dropping about 2.52% and Reliance Industries going down 0.63%. Most of the decline in the industry was powered after the Cabinet has allowed telecom companies two years of spectrum payment postponement towards the government.

Further, The Union Bank of India also reported a 1.29% loss, which came after the report from the state-owned bank stating a fluctuation in the bank’s non-performing assets.

Some stock markets all over Asia also closed Thursday in the red as it took hit on China’s displeasure over the US bill supporting human rights in Hong Kong protesters.