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Indian stock markets fall on price hike; Nifty traded at 17,057.90, Sensex at 57,372.97 points

Indian stock markets are still volatile, and on Thursday morning they fell once more. Today’s fall was mostly brought on by the nation’s high rates of inflation.

The Nifty was trading at 17,057.90 points at 9.42 am, down 65.70 points or 0.38 percent, while the Sensex was trading at 57,372.97 points, down 252.94 points or 0.44 percent.

Retail inflation in India increased to 7.41% in September and has now exceeded the Reserve Bank of India’s target range of 2–6% for nine consecutive months. The retail inflation rate in August was 7%.

Also Read: Gold Price Update: Good time for gold purchase! Do not delay

If the CPI-based inflation is outside the 2–6% range for three consecutive quarters, the flexible inflation targeting framework considers the RBI to have failed in managing price increases.

Rupee Stability

The rupee appeared to have stabilised as traders expected a potential liquidity management action by the RBI to support the weakening rupee.  The RBI typically intervenes in the market through controlling liquidity, which may include selling dollars.

On Thursday morning at 9.46 am, Rupee appreciated marginally from the previous day’s close to trade at 82.288 per US dollar. For fresh cues, investors await the US September inflation data, due later today.

Today’s major stocks

Talking about the shares rising today, shares of many companies including HCL Tech, Mahindra, Sun Pharma, Dr Reddy, Maruti Suzuki, NTPC, Axis Bank, Power Grid, ITC are seeing a rise.

On the other hand, if we look at the falling stocks, many companies including HDFC, TCS, Bajaj Finserv, HDFC Bank, Bajaj Finance, Larsen, Asian Paints are seeing a decline in the stock.

Also Read: Indian rupee gains to 82.23 against dollar

Market condition in last days

Wednesday (12 October): The Sensex closed at 57,625 points with a gain of 478 points. While the Nifty climbed 140 points to close at 17,123 points.

Tuesday (October 11): The Sensex closed down 843 points at 57,147, while the Nifty closed at 16,983 points down by about 257 points.

Monday (October 10): The Sensex closed down 200 points at 57,991, while the Nifty fell 73 points to close at 17,241 points. Friday (October 7): The Sensex closed down 306 points at 58,191, while the Nifty closed at 17,314 with a loss of 17 points.

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