Business news of the day: Fuel prices were kept unchanged for 20th day in a row.
The Indian equity benchmarks resumed decline after a day's pause in the previous session dragged by losses in heavyweights such as Infosys, Reliance Industries, ITC, HDFC, Larsen & Toubro, Tata Consultancy Services and Maruti Suzuki. For most part of the day benchmarks traded firmly higher but selling pressure in the last hour of trade around resistance levels of 17,600 on Nifty led to sharp correction in the markets, analysts said.
Meanwhile, the government is likely to bring a bill in the winter session of the parliament, that will begin on November 29, 2021, to bar all cryptocurrencies in India, barring a few exceptions, and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI).
In response, all major digital currencies saw a fall of around 15 per cent and more, with Bitcoin down by around 18.53 per cent, Ethereum fell by 15.58 per cent, and Tether down by 18.29 per cent. In other news, petrol and diesel prices were kept unchanged for the 20th consecutive day on Wednesday.
Here are the highlights of todays' business news stories:
Sensex, Nifty Resume Decline After A Day's Pause; Infosys, Reliance Top Drags
The Indian equity benchmarks resumed decline after a day's pause in the previous session dragged by losses in heavyweights like Infosys, Reliance Industries, ITC, HDFC, Larsen & Toubro, Tata Consultancy Services and Maruti Suzuki.
The Sensex fell 323 points to close at 58,341 and Nifty 50 index declined 88 points to settle at 17,415.
Market Update: Sensex, Nifty Flat; Reliance Infosys Fall, TCS, HDFC Bank Gain
The Indian equity benchmarks were trading on a flat note on Wednesday as gains in HDFC Bank, Tata Consultancy Services, Axis Bank and Larsen & Toubro were offset with losses in Reliance Industries, Infosys, HDFC, ICICI Bank and Hindustan Unilever. The Sensex traded in a band of around 300 points and Nifty 50 index touched an intraday high of 17,561 and low of 17,485 amid mixed global cues. Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.24 per cent, while Japan's benchmark Nikkei stock price index fell 1.13 per cent, as it returned from holiday and caught up with global falls the day before.
After Paytm Tumble, These Are The Indian IPOs Under Investor Scrutiny
At least a dozen Indian companies working on initial public offerings are now under extra investor scrutiny following the disastrous debut of digital payments startup Paytm, the country's biggest ever IPO.
Government Seeks To Block Cryptocurrencies In New Bill To Be Presented In Winter Session
Good Morning! Welcome To NDTV's Business News LIVE Blog. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is listed for introduction in the Lok Sabha during the winter session, scheduled to start from November 29. The Bill seeks to "create a facilitative framework for the creation of the official digital currency to be issued by the RBI. It also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.