The benchmark indices were trading with minor losses during morning trade. Banks and financial services scrips dragged. Rising COVID-19 cases in Europe dented investor's sentiments. The Nifty was trading below 17,400 level.
At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 89.45 points or 0.15% at 58,251.54. The Nifty 50 index lost 30.40 points or 0.17% at 17,384.65.
In the broader market, the S&P BSE Mid-Cap index shed 0.20% while the S&P BSE Small-Cap index rose 0.20%.
The market breadth was positive. On the BSE, 1,716 shares rose and 1,244 shares fell. A total of 131 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 5,122.65 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 3,809.62 crore in the Indian equity market on 24 November 2021, provisional data showed.
Economy:
A report issued by economists at HDFC Bank, which released on Wednesday, said: "India's GDP will show a 7.8% expansion on a year-on-year basis for the September 2021 quarter. Real GDP will grow 9.4% in FY22 and decelerate to 7.5% for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off."
In FY21, the GDP had contracted 7.3% due to the pandemic. For FY22, the RBI expects GDP to clock a growth of 9.5%, which will slow to 7.8% in FY23. The GDP had expanded by over 20% for the first quarter on the lower base. The official data for the second quarter is set to be released on 30 November 2021.
Buzzing Index:
The Nifty Bank index fell 0.67% to 37,191.85. The index added 0.84% in the past two trading sessions.
ICICI Bank (down 1.51%), IndusInd Bank (down 1.26%), Bandhan Bank (down 1.05%), IDFC First Bank (down 1.03%) and Punjab National Bank (PNB) (down 0.93%) were the top losers in the Bank segment.
Stocks in Spotlight:
Dixon Technologies (India) rose 1.18% after the company announced a partnership with Acer India for manufacturing laptops at its manufacturing facility situated in Noida. The factory will have the capacity to produce up to 5,00,000 laptops annually. Acer will bring in the global know-how and processes to manufacture high-tech electronic products in the laptops category which will be implemented through Dixon Technologies (India)'s facilities.
Siemens dropped 4.66% after the company reported a 3% decline in standalone net profit from continuing operations to Rs 323 crore in quarter ended September 2021 from Rs 333 crore posted in the corresponding quarter of the previous year. The company said profitability was dented due to increase in raw material and logistics costs. The company registered a standalone revenue of Rs 3,941 crore in quarter ended September 2021, rising by 15.2% over the corresponding quarter of the previous year, driven largely by the digital industries, energy and smart infrastructure businesses.
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