MARKET UPDATE:Sensex dipped 250 points to 39,630 levels and the Nifty fell below 11,650-mark
Published On: Thursday, October 29, 2020 | By: Team KnowMyStock
The equity markets in India fell over half a percent today(29th October 2020), on weak global cues, ahead of the expiry of the October series derivative contracts. The S&P BSE Sensex dipped 250 points to 39,630 levels and the Nifty50 index fell below 11,650-mark. Larsen & Toubro slid 4 percent after announcing its September quarter results. The stock was the top Sensex loser in early deals. Besides, Titan (down 3%) and Tech Mahindra (down 2%) were the other main drags. The Nifty sectoral indices were a sea of red, with Nifty Bank, Nifty Auto, Nifty IT, and Nifty Metal all trading with over 1 percent cut. In the broader market, the S&P BSE MidCap and SmallCap indexes were down half a percent and 1 percent, respectively. Eighty -two companies including Maruti Suzuki, BPCL, Bank of Baroda, Vodafone Idea, and InterGlobe Aviation, are scheduled to declare their quarterly earnings today.
Analysts are building around 12-20 per cent year-on-year (YoY) growth in both revenue and profit of Maruti Suzuki, led by increase in volumes. Meanwhile, InterGlobe Aviation-owned IndiGo airline is expected to narrow its losses sequentially during the September quarter of FY21 as analysts see more people using airlines as a means to travel amid the Covid-19 pandemic.
Tags: Indian equity market
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