Indices fall for the second straight trading session on weak global cues

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session on Thursday as a bearish trend in global markets amid escalating geopolitical uncertainties unnerved investors.
 

Besides, disappointing quarterly earnings numbers and revenue forecast from IT services company Wipro also weighed on investor sentiments, traders said.
 

Metal, energy and power stocks witnessed selling pressure while buying in auto and consumer durable counters capped the losses.
 

The 30-share BSE Sensex fell 247.78 points or 0.38 per cent to settle at 65,629.24 points. During the day, it plunged 533.52 points or 0.80 per cent to 65,343.50 points.
 

The Nifty declined 46.40 points or 0.24 per cent to 19,624.70 points. 

 

“Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut. However, some optimism was evident in the equity market given global efforts to stabilise the West Asia conflict, which deescalated the crude price trend.
 

“Auto sector stocks outperformed, driven by Q2 results outcome. Investors are closely monitoring the Q2 earnings season, US Fed chair speak and West Asia developments,” said Vinod Nair, Head of Research at Geojit Financial Services.
 

Among the Sensex firms, Wipro fell nearly 3 per cent after the company reported an almost flat consolidated net profit at Rs 2,667.3 crore for the September quarter, trailing street expectations. 
 

It has also projected up to 3.5 per cent fall in revenue in the current quarter due to a weak global economic outlook and uncertain business environment.
 

NTPC, Tech Mahindra, JSW Steel, Bharti Airtel, Tata Steel, Tata Consultancy Services, ICICI Bank, Kotak Mahindra Bank and Reliance Industries were among the other major laggards.

Oil slips as Venezuela sanctions ease, West Asia in focus
 

Oil prices fell about 1 per cent on Thursday as the United States eased sanctions on Venezuela to allow more oil to flow globally, but fears that Israel’s military campaign in Gaza may escalate to a regional conflict kept a lid on losses. Brent futures for December were down $1, or 1.1 per cent, to $90.50 a barrel at 1307 GMT. US West Texas Inte­rm­ediate (WTI) futures for November, which expire on Friday, stood at $87.39 per barrel, down 93 cents, or 1.1 per cent. 

Gold surges Rs 250; silver declines Rs 500 

Gold price jumped Rs 250 to Rs 60,900 per 10 grams in the national capital on Thursday amid a rally in precious metal prices globally, according to HDFC Securities. The yellow metal had closed at Rs 60,650 per 10 grams in the previous trade. However, silver declined by Rs 500 to Rs 74,200 per kg. In the international markets, gold was trading higher at $1,952 per ounce while silver was down at $22.94 per ounce.