Daily market review India

Indian stock markets faced a second consecutive day of losses on Friday, following a global market sell-off. The markets opened with deep cuts and remained negative throughout the day as investors awaited the release of the Index of Industrial Production data. Additionally, a private report suggesting that retail inflation in India had eased slightly but remained above the Reserve Bank of India's upper threshold for a second straight month, also made traders cautious. Foreign Institutional Investors (FIIs) emerged as net sellers in the capital market on Thursday, selling shares worth Rs 561.78 crore, according to the National Stock Exchange's provisional data. Later in the day, reports indicated that stock investors had lost more than Rs 2.67 lakh crore due to the market sell-off. Despite positive news from Union Minister for State for Commerce and Industry Anupriya Patel, who stated that India's merchandise and services exports were set to reach $760-770 billion, and Australian Prime Minister Anthony Albanese's comments on the Economic Cooperation and Trade Agreement (ECTA) signed between India and Australia, traders remained cautious.

The BSE Sensex and CNX Nifty in India saw losses, with the BSE Mid cap and Small cap indices also down. The top gainers on the BSE were Utilities, Power, Oil & Gas, Consumer Durables, and FMCG, while the Bankex, Financial Services, Capital Goods, Realty, and Industrials were the top losers. The Reserve Bank of India's Deputy Governor discussed the challenges and risks associated with the internationalization of the rupee and the need for India to manage exchange rate volatility. The CNX Nifty and European markets also saw losses, with the UK's FTSE 100, France's CAC, and Germany's DAX all experiencing decreases in trading. Asian markets also settled lower, with concerns about US monetary policy, the South Korean current account deficit, and the BoJ's yield curve control program contributing to declines.