Stock Market LIVE Updates, Thursday, November 21, 2024: Indian benchmark indices BSE Sensex and Nifty 50 were trading lower on Thursday.
At 12 PM, the BSE Sensex was at 77,167, down 410 points, or 0.53 per cent, while the Nifty 50 was at 23,359, down 158 points, or 0.68 per cent.
Investors in India are likely to focus on further developments in the escalating conflict between Russia and Ukraine apart from US prosecutors' indictment of Adani Group chairman Gautam Adani, along with seven other, on charges of large-scale bribery and fraud in securing renewable energy supply contracts.
Benchmark equity indices, BSE Sensex and Nifty 50 had ended their seven-day losing streak to settle in positive territory on Tuesday. The BSE Sensex added 239.37 points, or 0.31 per cent, to settle at 77,578.38, while the Nifty50 settled higher at 23,518.50, up 64.70 points or 0.28 per cent from its previous close.
The markets were closed on Wednesday, November 20, on account of state assemly elections there.
Among broader markets, the Nifty Smallcap 100 and Nifty Midcap 100 indices rose 0.97 per cent and 0.93 per cent, respectively, while all sectoral indices ended in green, except Nifty Metal, PSU Bank and OMCs. The Nifty Media Index led gains, rising 2.45 per cent. Nifty Auto, Pharma, Realty and Consumer Durables followed, each gaining over 1 per cent. The Nifty IT Index advanced 0.83 per cent on Tuesday.
In fresh trouble for the Adani Group, its Chairman, Gautam Adani has been indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme, US prosecutors said on Wednesday.
Authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain solar energy supply contracts expected to yield $2 billion of profit over 20 years. READ MORE
Apart from that, corporate earnings for Q2FY25 reveal sharp contrasts across sectors, with some accelerating while others sputtering. Four of the 10 largest sectors — oil & gas, automotive, power, and FMCG — saw year-on-year profit declines, while six sectors posted double-digit earnings growth. READ MORE
Also, the outcome of Maharashtra state elections were unlikely to move markets much, according to analysts. The markets, they believe, have bigger developments to worry about in the short-to-medium term. READ MORE
Meanwhile, according to Motilal Oswal Private Wealth, the period of easy returns, where a rising tide lifts all boats, is likely over. In a recent note, the wealth management firm highlighted the likelihood of a moderation in corporate earnings growth in the coming years. READ MORE
That apart, markets in the Asia-Pacific region mostly fell on Thursday. Japan’s Nikkei 225 fell 0.72 per cent, and the broad-based Topix slipped 0.31 per cent.
South Korea’s Kospi was the only outlier in the region, rising 0.14 per cent, while the small-cap Kosdaq fell 0.30 per cent. Australia’s S&P/ASX 200 was close to the flatline with a negative bias.
Hong Kong’s Hang Seng index was lower by 0.33 per cent, while mainland China’s CSI300 was down 0.38 per cent and the Shanghai Composite was 0.2 per cent lower.
Global shares, meanwhile, had edged lower on Wednesday as markets weighed tensions between Russia and the West, while bitcoin hit a new record high and the dollar gained after three straight sessions of losses.
Shares of Nvidia were down 2.5 per cent in after-market trading after the artificial intelligence powerhouse forecast fourth-quarter revenue that was largely in line with analyst estimates.
The benchmark S&P 500 finished flat while the Dow gained and the Nasdaq ended lower. The Dow Jones Industrial Average rose 0.32 per cent to 43,408.47, the S&P 500 was flat at 5,917.11 and the Nasdaq Composite fell 0.11 per cent to 18,966.14.
The MSCI All-World index was down 0.16 per cent to 847.84. European shares finished down 0.02 per cent.
Safe-haven assets such as gold and government bonds got a lift on Tuesday after news of Ukraine launching US-made ATACMS missiles into Russia, and with Russia announcing it had lowered the threshold for nuclear action. Russian foreign minister Sergei Lavrov, however, later downplayed the nuclear threat, helping to calm markets.
Gold prices climbed for a third consecutive session to mark a one-week high. Spot gold rose 0.69 per cent to $2,649.89 an ounce. US gold futures settled 0.8 per cent higher at $2,651.70.
Investors are also watching President-elect Donald Trump's pick for Treasury secretary, which may come as soon as Wednesday.
Markets were realising that some of Trump policies, including tariffs and deportations, could be inflationary, said Lukasz Tomicki, founding partner at LRT Capital in Austin, Texas.
"There's been this belief that Trump's policies will be inflationary and we've seen the spike in yields since his election," Tomicki said.
The dollar index rose 0.54 per cent to 106.68, snapping three consecutive sessions of losses but still below one-year highs.
The Chinese yuan weakened against the greenback after the central bank held benchmark lending rates steady, as widely expected. In the offshore market, the yuan was down 0.22 per cent against the dollar at 7.251.
Bitcoin, which hit a fresh record high just shy of $95,000, was up 2.53 per cent at $94,579.01.
The gains in bitcoin have been aided by a Financial Times report that Trump Media and Technology Group, which operates Truth Social and is majority-owned by Trump, is close to an all-stock acquisition of crypto trading firm Bakkt.
Oil prices settled lower after US crude and gasoline stocks rose by more than expected last week. Brent crude futures for January settled 0.68 per cent at $72.81.
US West Texas Intermediate crude futures for December expired on Wednesday, and settled down 0.75 per cent at $68.87, while the more active WTI contract for January settled down 0.71 per cent at $68.75.
(With inputs from Reuters.)
 "Stock Market LIVE Updates: Sensex down 400 pts at 77,150; Nifty at 23,350;")
