Mumbai | India's benchmark stock indices closed lower on Tuesday amid rising retail inflation and a decline in Reliance Industries shares. The BSE Sensex fell by 152.93 points, or 0.19 percent, to end at 81,820.12, after dipping as low as 81,635.57 during the day. The NSE Nifty also decreased by 70.60 points, or 0.28 percent, finishing at 25,057.35.
Among the 30 Sensex firms, notable laggards included Bajaj Finance, Reliance Industries, Tata Steel, JSW Steel, Tech Mahindra, Tata Motors, Kotak Mahindra Bank, and Maruti. Reliance Industries, the country’s most valuable company, reported a 5 percent decline in net profit for the July-September quarter, primarily due to weak performance in its oil refining and petrochemical sectors.
In contrast, ICICI Bank, Bharti Airtel, Asian Paints, Adani Ports, UltraTech Cement, and HCL Technologies saw gains. HCL Technologies posted a 10.51 percent increase in consolidated net profit, amounting to Rs 4,235 crore for the same quarter, prompting the company to raise its growth guidance.
The retail inflation rate surged to a nine-month high of 5.49 percent in September, driven largely by soaring vegetable prices, according to government data. This rise in inflation raises concerns about monetary policy, with analysts suggesting that the Monetary Policy Committee may delay any rate cuts until 2025.
In the commodities market, global oil benchmark Brent crude experienced a significant drop of 4.71 percent, settling at USD 73.81 per barrel.