The Indian rupee kept its slide against the US Dollar intact on Wednesday morning trading above 84.40 levels, as Sensex and Nifty traded in the red. The rupee hit a new record low of 84.42 on Tuesday.
Despite NTPC, Airtel, and major private banks inching up, Nifty 50 was pulled down to below 26,700 by Bharat Electronics, Mahindra and Mahindra and Hindalco slipping about 2.5 per cent.
Earlier this week, official data revealed that inflation breached the tolerance level set by Reserve Bank of India (RBI) to a 14-month high of 6.2 per cent in October, mostly attributed to rising food prices.
The central government on Tuesday announced its decision to offload more onion from buffer stock to retail markets in a bid to stabilise rates despite temporary supply issues.
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In Tuesday’s trade, the Sensex tanked 821 points and Nifty fell below 23,900 on continued FII selloff and mounting global factors. Local investors reportedly lost at least Rs 5 lakh crore in one day. Gold and silver prices continued to slip in the national capital, marking two straight days of falling due to the sudden dip in demand, as per data from the All India Sarafa Association.
Reliance Power turns around to profitability
All is not gloom in the stock market, as Reliance Power posted a consolidated net profit of Rs 2,878 crore for the quarter ended September 2024. Last year, the company posted a net loss of around Rs 238 crores in the corresponding quarter.
Most of the profitability came from the Rs 3,230 crore it gained due to the deconsolidation of its embattled subsidiary Vidarbha Industries Power Ltd (VIPL).
According to the company statements, Reliance Power settled VIPL guarantor obligations amounting to Rs 3,872 crore in the quarter, and the latter ceased to be a subsidiary on September 17, 2024.
Hit debut for Q-commerce firm Swiggy
Food delivery company Swiggy opened its debut trading session this morning with a 10 per cent jump.
More than 40 lakh shares of the Zomato-rival were traded as of 11am IST, following last week's IPO that saw subscriptions up to 3.59 times its issue.