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India Stocks End Lower; Nifty 50 Down 1.29%

India stocks were lower at close of trade on Thursday. Losses in the Banking, Real Estate and Carbon sectors led shares lower.

The Nifty 50 was down 1.29% at the close in NSE, while the BSE Sensex 30 index fell 1.31%.

The outperformers of the session on the Nifty 50 were Power Grid Corporation of India Ltd. It rose 2.59% or 4.80 points to trade at 190.20 at the close. 

Moreover, ITC Ltd added 2.17% or 4.00 points to end at 188.05. NTPC Ltd was up 1.70% or 1.50 points to 89.80 in late trade.

State Bank Of India were the worst  performers of the session. It dropped 4.96% or 12.50 points to trade at 239.50 at the close. 

Coal India Ltd was down 4.76% or 6.10 points to end at 122.15. ICICI Bank Ltd declined 4.19% or 20.85 points to 476.80.

 Power Grid Corporation of India Ltd were the top performers on the BSE Sensex 30. It rose 2.78% to 190.50.

ITC Ltd which was up 2.15% was to settle at 188.00. NTPC Ltd which gained 1.64% was to close at 89.75.

The worst performers were State Bank Of India. It was down 4.88% to 239.75 in late trade.

ICICI Bank Ltd which lost 4.11% was to settle at 477.00. AXIS Bank Ltd. was down 3.93% to 611.20 at the close.

By 864 to 741 and 101 ended unchanged, falling stocks outnumbered advancing ones on the India National Stock Exchange. On the Bombay Stock Exchange, 1380 dropped and 1286 advanced, while 173 ended unchanged.

The India VIX was up 2.35% to 19.5700. It measures the implied volatility of Nifty 50 options.

Macy’s Reports a Drop in Quarterly Comparable Sales

Meanwhile, in other stock market news, Macy’s Inc reported a 20.2% drop in quarterly comparable sales on Thursday. It was hit by a pandemic-led fall in retail store traffic, signaling a tough holiday season ahead for the business.

The retailer’s shares declined 2% in premarket trading. Its stock has lost almost half its value due to the laying off of thousands of workers. The business suffered through plunging sales due to outlet closures.

Net sales fell to $3.99 billion from $5.17 billion in Q3 ended Oct. 31. It beat analysts’ estimates of $3.86 billion.

Macy’s posted an adjusted net loss of $60 million, or 19 cents per share. This compared with earnings of $21 million, or 7 cents per share, a year earlier.

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