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The Indian markets are highly volatile today in the afternoon session with BSE Sensex and NSE Nifty entering and exiting both positive and negative terrains. The latest development is possibly due to Moody’s Investors Services reducing the Indian sovereign outlook to negative from stable.
Moody’s Investors Service said that the concerns are mounting on the economic slowdown and can be prolonged, which will eventually increase the debt. Due to this, Sensex which recorded its new peak at 40,741.69 in the afternoon session, collapsed nearly 100 points.
Stocks of Sun Pharma were trading 3% lower while the banking sector stocks were on the positive terrain. The shared of IndusInd Bank, YES Bank, and ICICI Bank were trading 3% to 7% higher. The NSE Nifty 50 slipped below the 12,000 level and was floating around the 11,950 level.
Also Read: Sensex continues rallying, close to touching its peak
The decision of the Indian Government, State Bank of India and LIC to infuse Rs 25,000 has weighed in on the stock markets. The Nifty Realty index was 2.3% higher while the Nifty Auto and Nifty Private Bank indices rose 0.58% and 0.74% respectively. Nifty FMCG and Pharma indices were seen trading 1% lower.
Nearly 180 companies are expected to announce their earnings in the second quarter by the end of the day. The list includes Bank of Baroda, Nestle, M&M, Ashok Leyland, and Eicher Motors. Bank of Baroda is anticipated to report a slump in its loan growth. Reliance Securities is predicting its net profits to dip by 52.2% quarter to quarter.
The stocks of DLF have risen by nearly 6% on the Bombay Stock Exchange post the organisation reporting favourable numbers in the quarter ended in September 2019. Furthermore, the shares of DLF was decided to be made a part of the MSCI Global Standard Index, effective from 26 November 2019.
The stocks of Raymonds surged nearly 18.9% in the intra-day trading on Friday. The latest development is probably due to the company announcing its plan to separate its main lifestyle business and list it as a different company. Further, Raymonds announced that it will use the proceeds from the sale of its land parcel for balancing its balance sheet.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
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