AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

Indian shares fell in morning trading on Thursday, in contrast to their Asian peers, as Hindalco Industries led a slide in metal stocks after its US unit reported a lower quarterly profit.

The NSE Nifty 50 fell 1.18% to 24,196.65 points as of 10:29 a.m. IST, while the BSE Sensex shed 1.16% to 79,445.7.

Hindalco slid 7% after its US unit, Novelis, reported a lower profit.

It was the biggest decliner on the Nifty and dragged metals stocks down around 1.5%.

Helping curb the losses was Apollo Hospitals’s 6.4% jump, the most on the Nifty, after it beat second-quarter profit estimates on strong healthcare services demand.

However, the broader, more domestically focused small-cap index and mid-caps fell about 0.4% each, outperforming the benchmark indexes, driven by gains in BSE and Kalyan Jewellers following their inclusion in a key MSCI index.

The losses in the Indian benchmarks were in contrast to their Asian peers, which tracked the surge in Wall Street indexes to record highs overnight as markets celebrated, in part, the clarity of US election outcome after Donald Trump’s win.

The Nifty and Sensex had jumped 1.1% on Wednesday, their biggest single-day gain in more than six weeks, after Trump’s victory.

Financials lead rebound in Indian shares ahead of US election

Trump’s stated policies such as reducing corporate tax rates will help Indian information technology companies, while a focus on the China +1 strategy will benefit several domestic sectors, according to analysts.

With the US election done, the focus will shift to the Federal Reserve’s rate decision and commentary, due after the Indian markets close.

The Fed is expected to cut rates by 25 basis points, which, in general, makes emerging markets such as India more attractive to foreign investors.

However, foreigners have pulled money from Indian stocks for the last 27 sessions, redirecting funds to China after recent stimulus measures – a scenario that could be threatened by Trump, who started a trade war with Beijing during his first term as US president.

Comments

200 characters