Equity benchmark indices settled significantly lower on Wednesday for the third consecutive day due to continuous foreign fund outflows and weak trends in the US and Asian markets.
The BSE Sensex tanked 286.06 points or 0.44 per cent to close at 65,226.04. The Nifty fell 92.65 points or 0.47 per cent, to settle at 19,436.10. In the broader market, the BSE midcap gauge fell 1.52 per cent and smallcap index declined 0.96 per cent.
“Overseas investors are pulling out funds from Indian equity markets as the current rally in US dollar and bond yields is making emerging market assets less attractive. Despite our strong macroeconomic growth performance, India is not insulated from global problems, and hence any correction in global markets due to worries over further rate hikes would have a rub-off effect here. However, the Nifty has formed a Dragonfly Doji candlestick formation which is indicating a strong possibility of a relief rally from the current levels,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
The public sector bank has reported a 11.3 per cent year-on-year growth in total business at Rs 22.5 lakh crore for the July-September quarter FY24. The deposits rose 9.7 per cent YoY to Rs 13.08 lakh crore and global gross advances increased 13.8 YoY to Rs 9.4 lakh crore. CASA deposits jumped 2.6 per cent YoY to Rs 5.4 lakh crore and domestic advances grew 13.9 per cent YoY to Rs 9.08 lakh crore.
The FMCG Major said domestic volumes increased in a low single-digit percentage range over the previous year, dragged by persisting weakness in rural demand. Category-wise, sales volumes in its Saffola edible oil and Parachute coconut oil increased in low-single digits on the back of price cuts. The value-added hair oils segment grew in low single-digit in value terms.
The automaker said it received a show cause notice of Rs 1.79 crore from the Gujarat GST authority. The notice pertains to the period from July 2017 to March 2018 and is related to the reconciliation of tax returns filed by the company.
The private sector lender has reported total deposits of Rs 89,774 crore for the quarter ended September, up 13 per cent year-on-year and 5 per cent quarter-on-quarter. Gross advances grew 21 per cent YoY and 5 per cent QoQ to Rs 78,186 crore. CASA grew 12 per cent YoY and 0.5 per cent QoQ to Rs 32,075 crore. Retail advances increased by 34 per cent YoY and 8 per cent QoQ. The wholsesale advances rose 7 per cent YoY and remained flat on quarterly basis.
The company received a Show Cause notice from the Commissioner of GST Intelligence in Gautam Budh Nagar, Greater Noida. The notice alleges a substantial tax demand of Rs 20.26 crore, along with an equivalent panelty and applicable interest on the said demand.