Nifty, Sensex slip as stimulus news awaited; DLF plunges nearly 20%
Bengaluru: Indian shares fell on Thursday as investors fretted over the chances of a fiscal stimulus and anxiously awaited the U.S. Federal Reserve chairman’s speech later this week for clues on future rate cuts.
Real estate stocks were among the top losers, with the Nifty real estate index shedding 7.2%, its biggest intra-day dip since late 2016, as DLF Ltd slumped 19.6%.
A report in the Hindu BusinessLine newspaper said the Supreme Court had issued a notice to the real estate developer for allegedly suppressing material information from shareholders.
The broader NSE Nifty was down 0.42% at 10,873.00 as of 11:30 am while the benchmark BSE Sensex was lower by 0.34% at 36,933.80.
The minutes of the Fed’s July meeting showed policymakers deeply divided over rate cuts, while hopes for a fiscal stimulus dimmed as President Donald Trump said he was not looking at cutting payroll taxes.
Much now depends on how dovish Fed Chair Jerome Powell chooses to be in his speech on Friday.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down about 0.35%.
Meanwhile, markets awaited news on an economic stimulus from the Indian government amid a bruising slowdown that has hammered industries including the crucial automotive sector, leading to production cuts and job losses.
“The disappointment factor is increasing day by day, because we’ve not heard anything from the government,” said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. “Earnings have also been a big disappointment.”
June-quarter net profits for India Inc grew at a moderate pace of 6.6% year-over-year, compared with 24.6% a year earlier, CARE Ratings said on Wednesday, based on an analysis of 2,976 companies.
The Nifty metals index fell 2.13%, with miner Vedanta Ltd declining 3.9%. The Nifty FMCG index, which tracks manufacturers of fast-moving consumer goods, was the lone gainer with a rise of 1.17%.
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