Market Today: Stocks Decline, Sensex, Nifty Down by 0.56%

MUMBAI, India – Stock market declines as of Friday’s afternoon trade, with India’s benchmark indices trading more than 0.5% lower.

The S&P BSE Sensex experienced about 0.56% decline in Thursday’s trading session, going down 228.36points towards 40,346.81 points. It followed the 0.19% decline, or about 76.47 points lost the previous trading session. Also, the bigger Nifty 50 index was down the same percentage, dropping its value by 66.75 points towards 11,901.65 from its 11,968.40 value on Thursday.

The key indices on the BSE are mostly going down as well, except for the S&P BSE Bharat 22 index, which tracked a gain of 0.22%, rising up 7.29 points towards 3,332.44. Following the bugger Sensex, the BSE Sensex 50 also dropped by 0.63%, going down 78.71 points to 12,446.04, while SE Sensex Next 50 dropped 0.57%, dipping 178.73 points towards 31,025.78, and BSE 100 dropping 0.62% or 74.83 points to 11,968.83.

For sectoral indices, the same downtrend goes. The Nifty IT index remains the top loser as the Friday session ends with its 2% drop, weighed by stocks of Tata Consultancy Services (TCS), Tech Mahindra, and Infosys.

For the broader markets, a drop has also been consistent. The S&P BSE MidCap index ended Friday with a 0.50% dip, dropping down 74.12 points towards 14,684.60. Also, the S&P BSE SmallCap has a 0.23% decline, going down 31.02 points towards 13,326.10.

On the other hand, gold prices gained on Friday. It is currently trading at Rs 37,989 per 10 grams from the Rs 36 the previous session in futures trade as market players tracked a firmer trend overseas and widened their bets.

According to analysts, the gains in gold prices was mostly powered by fresh positions that were built by investors taking positive sentiments from the global markets. Globally, gold has increased by 0.18% an ounce, valuing $1,466.20 per ounce.

However, the state-owned coal mining company, Coal India Limited (CIL), tracked an 8.5% decline, going down towards 253 million tonnes from April to October period. According to official data, it was a significant drop from CIL’s coal supply of 276.8 million tonnes from the same period last year.

The CIL’s coal supply to the power sector has dropped 19.3% to 33.8 MT in October, from the 41.9 MT coal supply in October last year.

On the other parts of Asia, China’s economy tracked a 2.1% increase than predicted, said the Chinese government on Friday. The data revise the GDP (gross domestic product) to 91.93 trillion yuan ($13.1 trillion) for 2018.