In the first trading session post the release of the disillusioning Gross Domestic Product (GDP), it also opened for the new month’s trade on a negative note.
In the first trading session of the last month of 2024, the marquee Indian indices started the day with losses.
This comes to pass after India’s GDP data for the second quarter was published on November 29, post the trading hours.
This major slump is being attributed to the poor performance of the manufacturing and mining sectors.
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India’s GDP Slumps
India’s economic growth numbers made headlines. The economic numbers slowed to a near two-year or 7 quarter low of 5.4 per cent in the July-September quarter.
This major slump is being attributed to the poor performance of the manufacturing and mining sectors.
This figure is much lower than the growth numbers attained in the same quarter of the previous fiscal year, July- September 2023. Then the economy had expanded by 8.1 per cent.
Markets Start In Red
The oldest index in Asia, the BSE Sensex dipped by 0.43 per cent or 345.83 points, taking the overall value to 79,456.96 points.
The story at National Stock Exchange was also no different. The NSE Nifty dipped to 24,063.60, decreasing by 67.50 points or 0.28 per cent.
Another major index, the Nifty Bank also dipped by 208.45 points, or 0.40 per cent. This took the overall value to 51,847.15.
Gainers and Losers
When we look at the gainers and losers in the day so far, amongst the major companies, Maruti soared with gains of 2.12 per cent. Ultratech Cement, Sun Pharma and Adani ports all gained by over 1 per cent.
Tech companies stocks including HCL Tech, and Tech Mahindra all performed well in the early hours of the day’s trade.
Amongst the laggards, IndusInd Bank lost over 1 per cent. Meanwhile, HDFC bank, Bajaj Finance, L&T and NTPC were all trading with a deficit of under 1 per cent.
