Sensex, Nifty Extend Declines For Second Day, Auto And FMCG Stocks Outperform
(RTTNews) - Indian shares fell notably on Thursday as new data underscored persistent deflationary pressure in China and U.S. President-elect Donald Trump's tariff plans fueled uncertainty.
Concerns over a potential moderation in corporate earnings growth and the Federal Reserve's hawkish stance on rate cuts also dampened sentiment.
The benchmark S&P/BSE Sensex fell by 528.28 points, or 0.68 percent, to 77,620.21, extending declines for a second day running as the dollar held firm and U.S. Treasury yields remained elevated on worries about the inflation impacts from Trump's policies.
It is believed that U.S. President-elect Trump's fiscal and tariff policies will boost U.S. growth while adding to price pressures.
The broader NSE Nifty index ended down 162.45 points, or 0.69 percent, at 23,526.50 while the BSE mid-cap and small-cap indexes ended down 1 percent and 1.2 percent, respectively.
The market breadth was negative on the BSE, with 2,732 shares declining while 1,225 shares advanced and 110 shares ended unchanged.
Among the prominent decliners, Tata Steel, Coal India, BPCL, Shriram Finance and ONGC dropped 2-3 percent. TCS declined 1.6 percent ahead of its earnings announcement
FMCG stocks rose on defensive buying, with Britannia Industries, Hindustan Unilever and Nestle rising 1-2 percent.
Auto stocks also surged, with Mahindra & Mahindra rising 1.5 percent and Bajaj Auto rallying 2.1 percent.
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