oi-Goodreturns Staff
Exactly one month after reaching its record high of 26,277 on September 27, the Nifty is grappling with a sharp correction, currently down by 2,000 points and hovering just above the crucial 24,000 mark. With last week marking a continuous five-session slide, the index has fueled concerns among investors during this festive, yet cautious, Diwali week.
Despite a brief recovery on Friday, the market continues to be weighed down by tepid corporate earnings, with heavyweights like Hindustan Unilever, Bajaj Auto, and IndusInd Bank seeing stock declines between 7% and 18% post-earnings.
Beyond the Nifty, the broader markets are showing similar strains. The Nifty Midcap and Smallcap indices have posted their worst weekly performance since December 2022, with the Midcap index officially entering “correction” territory after a 10% drop from its peak.
Looking ahead, Monday’s session will see several major firms, including Coal India, ICICI Bank, and Bank of Baroda, react to their recently announced earnings. Additionally, a packed results day awaits investors, with quarterly reports due from Aditya Birla Sun Life AMC, Adani Power, Bharti Airtel, and many more, as the market gauges the impact of these earnings amid ongoing macroeconomic challenges.
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Original news source Credit: www.goodreturns.in
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