On Tuesday, share markets in India opened flat and traded volatile throughout the day and ended the day deep in red. The BSE Sensex closed lower by 92 points to end below 33,000 levels at 32,942 while the broader NSE Nifty ended the day lower by 38 points to close at 10,187. Among BSE sectoral indices, capital goods index fell the most by 1.4%, followed by PSU stocks at 0.9%. Power Grid Corp and Larsen & Toubro (L&T), were among the top losers.
Top Stocks in Action Today
Sun Pharma share price is likely to be in focus today the company reported a 59% dip in consolidated net profit for the quarter. Whereas, revenues declined 19.5% to Rs 66.5 billion compared to Rs 82.6 billion in the same period a year ago.
Bharti Airtel share price will be among the stocks to watch today after the company sold over 83 million shares in its subsidiary Bharti Infratel through secondary share sale. The sale was for a total consideration of over Rs 33.3 billion and was executed at a price of Rs 400.6 per share, representing a discount of 3.6% to the previous day’s closing price. Bharti Airtel will primarily use the proceeds from this sale to reduce its debt.
Inflation Picks up in October
According to data released by the Central Statistics Office (CSO), retail inflation as measured by the Consumer Price Index (CPI) rose to a six-month high of 3.58 % in October 2017, up from 3.28% in September.
Similarly, wholesale inflation as measured by the Wholesale Price Index (WPI) rose to 3.59% in October, a sharp rise from of 2.6% in September 2017.
Food articles turned out to be major drivers as the data showed that prices of wholesale food articles rose by 3.2% in October, as against a 2% rise in the previous month. Retail vegetable prices to drove inflationary trends as they rose 7.5% over last year.
Rising inflation could lower hopes of a rate cut by the Reserve Bank of India (RBI) in its next policy meet due in December.
