Indian equity benchmark indices snapped their two-day winning streak and closed in the negative territory on Thursday, following losses in index heavyweights Reliance Industries, ITC and HDFC Bank amid a weak trend in global markets.
The 30-share BSE Sensex declined 388.40 points or 0.59 per cent to settle at 65,151.02. The NSE Nifty slipped 99.75 points or 0.51 per cent to end at 19,365.25.
"The mounting influence of weak global cues hindered the domestic market's ability to recoup, resulting in sustained selling pressure. The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause. Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics," said Vinod Nair, Head of Research at Geojit Financial Services.
The IT services major said it has been picked by US-based insurance company Aflac to digitally transform the organization by leveraging the cloud-native services of Amazon Web Services (AWS). The company will rearchitect Aflac’s on-prem applications that are currently deployed on an out-of-support-platform.
NTPC signed a business transfer agreement to hive off its mining business, comprising six coalfields, to its unit NTPC Mining Ltd. The coal mining business consisting of six coal mines, and all related assets and liabilities are being transferred from NTPC books to NTPC Mining Ltd.
