© Reuters.
MUMBAI – Indian stock indices Sensex and Nifty ended Thursday’s session nearly unchanged, as gains in the auto sector were offset by underperformance in pharmaceuticals and other areas. The closed marginally lower at 66,017.81, while the NSE Nifty ended the day at 19,802.
Auto stocks drove the market, with Hero MotoCorp, Bajaj Auto, and Eicher Motors leading the gains. In contrast, Cipla, Ultra Tech Cement, and SBI Life Insurance lagged behind. The broader market saw a positive finish with BSE SmallCap up by 0.44%, MidCap rising by 0.15%, and BSE 500 index increasing by 0.07%.
The Indian rupee weakened slightly to close at ₹83.34 against the dollar amidst foreign institutional investor outflows and a downtrend in local equities. However, prices fell over 1%, which helped cushion the rupee’s decline despite equity market challenges.
In corporate news, IDFC First Bank (NASDAQ:)’s shares saw an uptick after the company approved stock options for its employees. Additionally, Lupin’s pharmaceutical profile was strengthened by U.S. FDA approvals for its generic drugs.
Corporate restructuring also made headlines as the National Company Law Tribunal (NCLT) Mumbai bench approved an amalgamation scheme involving Samvardhana Motherson International Ltd.
Meanwhile, the retail sector saw Shoppers Stop shares edge higher following an executive departure, and Mphasis remained steady after approving employee stock options and restricted stock units.
In terms of new offerings, Sudarshan Chemical introduced a new product to the market. The initial public offering (IPO) landscape was active with Gandhar Oil Refinery attracting a high subscription rate of 12.60 times by its closing date.
The Life Insurance Corporation of India (LIC) reduced its stakes in Engineers India Ltd., leading to share price movements due to changes in ownership percentage.
Easy Fincorp announced the reappointment of its CFO, which led to a share price increase. Mukta Arts experienced a surge following plans for overseas business expansion.
In financial regulatory news, recent changes by the Reserve Bank of India (RBI) are expected to impact unsecured consumer credit growth, according to analysis from Fitch Ratings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
