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Stock market today: Indian equity benchmark indices closed lower on Tuesday, with the BSE Sensex declining 152.93 points or 0.19 per cent to settle at 81,820.12, and the NSE Nifty settling lower by 70.60 points or 0.28 per cent to 25,057.35.
The decline was attributed to losses in key companies such as Reliance Industries and a nine-month high in retail inflation for September.Among the 30 Sensex firms, the biggest laggards were Bajaj Finance, Reliance Industries, Tata Steel, JSW Steel, Tech Mahindra, Tata Motors, Kotak Mahindra Bank, and Maruti.
Reliance Industries Ltd, India’s most valuable company, reported a 5 per cent fall in net profit for the July-September quarter due to weak performance in its oil refining and petrochemical business.
On the other hand, ICICI Bank, Bharti Airtel, Asian Paints, Adani Ports, UltraTech Cement, and HCL Technologies were among the gainers. HCL Technologies (HCLTech) reported a 10.51 per cent increase in consolidated net profit to Rs 4,235 crore in the July-September quarter of FY25 and raised the lower band of its growth guidance.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that while the sharp cut in Brent crude is a macro positive for India, the worse-than-expected CPI inflation of 5.49 per cent for September is a concern and may force the MPC to postpone rate cuts to 2025.
Soaring vegetable prices pushed the retail inflation rate to a nine-month high in September, according to government data released on Monday.
In global markets, Brent crude dropped 4.71 per cent to USD 73.81 a barrel. Asian markets saw mixed results, with Seoul and Tokyo settling in positive territory, while Shanghai and Hong Kong ended lower.
European markets were trading on a mixed note, and US markets ended higher on Monday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,731.59 crore on Monday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 2,278.09 crore.
