Indian blue-chips dip as dull earnings, foreign outflows weigh; inflation data eyed

Britannia Industries

12/11/2024 07:10

** India's NSE Nifty  .NSEI  and BSE Sensex  .BSESN  fall
0.1% each in afternoon trading
    ** Benchmarks swung between narrow gains and losses after
opening about 0.3% higher following 3 days of losses
    ** Nifty has sunk 8% from record high on Sept. 27 amid
disappointing earnings and foreign outflows (~$14 bln since Oct
start)
    ** Continuous foreign outflows continue to keep investors
cautious, expect sell-off to continue till end of 2024, says
Aishvarya Dadheech, founder and CEO of Fident Asset Management
    ** Biscuit-maker Britannia Industries  BRIT.NS  drops 5%,
most on Nifty, on Q2 profit miss, indicating weak urban demand
    ** Amid that, focus on Oct inflation after the bell, which
is expected to have hit 14-month high of 5.81%, per Reuters poll
    ** Data will be parsed for clues on economic health and the
case for a rate cut in Dec, says Ajit Mishra, senior VP of
research at Religare Broking

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))