Stock Market LIVE: Nifty, Sensex Rangebound; Rupee Breaches 88 Against US Dollar
FMCG and defense stocks were outperforming sectoral indices.
KEY HIGHLIGHTS
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Rupee Breaches 88 Against US Dollar
Rupee fell 56 paise to record low of 88.20 against US dollar
It closed at 87.63 a dollar on Thursday
Source: Bloomberg
Nifty India Defence Down 21% From 52-Week High — What Lies Ahead For HAL, Bharat Dynamics And Others?
The NSE Nifty India Defence has been the best-performing sectoral index on year-to-date basis. However, for two months in a row the index declined as most of its constituents fell sharply from their 52-week highs, scaled most in June and early July.
As of Thursday's settling level, the Nifty India Defence index slumped 21% from its 52-week high level of 9,195. Its highest weighted stocks Hindustan Aeronautics Ltd. and Bharat Electronics Ltd. have fallen 16% and 17% from their respective 52-week high levels.
Rupee Hits Record Low Against US Dollar
Rupee fell 35 paise to record low of 87.98 against US dollar
It closed at 87.63 a dollar on Thursday
Source: Bloomberg
Auto Sales To Hit One-Year Low In August As GST Rate Cut Buzz Slows Demand
The Great Indian Consumption season is starting on a muted note with few looking to buy two-wheelers and four-wheelers due to hopes of an upcoming GST rate cut announcement. Auto makers have pushed sales through dealers but are finding it tough to lure customers who are in a wait and watch mode.
India's consumption cycle kicks off in August with Independence Day, followed by a series of regional and national festivals. The festive season begins in South India with Onam, moves to the West with Ganesh Chaturthi, and continues with Dussehra and Durga Puja, Diwali, and concludes with Christmas and New Year.
AHPI Formally Withdraws Suspension On Bajaj Allianz General Insurance
The Association of Healthcare Providers has withdrawn the suspension notice served on Bajaj Allianz with immediate effect, it stated in a press release on Friday.
In a meeting attended by AHPI’s core committee members and senior representatives from Bajaj Allianz, the association highlighted a series of unresolved issues that are placing hospitals under severe financial and operational stress, ultimately compromising patients’ care and safety, the AHPI said.
