Indian Shares Decline Amid Mixed Economic Data

Indian shares exhibited weakness in early trade as mixed industrial output and retail inflation figures prompted cautious investor sentiments, anticipating a Federal Reserve interest-rate cut next week. The S&P/BSE Sensex and NSE Nifty both lost ground.

Date: 13-09-2024

AI Rating: 5

The report highlights a subdued performance in Indian shares, with the benchmark S&P/BSE Sensex and NSE Nifty both declining. Investor sentiment appears affected by mixed economic indicators, particularly industrial output and retail inflation.

Among notable stock movements, HDFC Life, Hindustan Unilever, Divis Laboratories, ITC, and Asian Paints saw declines exceeding 1 percent, indicating a negative sentiment affecting these companies. Conversely, Hindustan Aeronautics experienced a slight increase, boosted by speculation of an upgrade to the Maharatna category, which would be a significant recognition enhancing its market status.

Puravankara's gain of 3.6 percent following the acquisition of redevelopment rights signifies positive investment activity. Furthermore, LIC’s stake increase in IRCTC and the resultant 2 percent jump in IRCTC shares could signal investor confidence in both entities. SpiceJet’s nearly 7 percent rise highlights its proactive legal approach in response to operational challenges, which could improve its market position in the long term.

Stocks: HDFCLIFE HINDUNILVR DIVISLAB ITC ADANIGREEN HINDALCO LIC IRCTC SPICEJET