Tata motors saw a slump of nearly 5 % decline as twenty-five out of 30 sensex stocks fell today.
Not a very good day for Indian stock market as it observed a big dip today. A plan taken by major oil producers to boost the fuel’s price by cutting off the supply resulted in the fall of nearly 350 points in the Indian stock market which reversed all previous gains. The Sensex ended today at 34,812.99 as it fell by 345.56 points while Nifty declined by 103 points & ended at 10,482.20. Tata motors saw a slump of nearly 5% as its Jaguar Land Rover unit reported a drop in October sales from a year earlier and twenty five out of 30 stocks fell today.
The head of equity brokerage firm Anand Rathi, Mr. Siddharth Sedani said that several factors, including upcoming elections, uncertainty around liquidity of non banking financial companies and ongoing corporate earnings, are bound to keep the market volatile. The investors assessed that how India’s economy and corporate earnings can be affected by a plan like this where producers cut supply.
According to a Reuters poll, the retail inflation has likely come down to its slowest pace in 12 months in October after food & fuel price fell, keeping the official consumer prices gauge below the central bank medium-term market for a third consecutive month.