Corporate profits have been recovering from a sharp 27 per cent year-on-year plunge in September — their steepest drop since March 2020 during the Covid-19 pandemic. They had slumped 7.3 per cent on year in November and 10 per cent in October, as a slump in the real estate sector and bleak income prospects continued to weigh on consumer demand. However, markets in the Asia-Pacific region were mixed, with Australian, Taiwan and South Korean markets were closed for holidays.
The Sensex shed as much as 329.92 points or 0.43 per cent to settle at 76,190.46, and the Nifty50 ended lower by 113.15 points or 0.49 per cent at 23,092.20. Small-cap shares felt the most heat among the broader market indices, with the Nifty Smallcap100 ending lower by 2.35 per cent, while the Nifty Midcap100 index ended lower by 1.55 per cent. All sectoral indices, barring the Nifty FMCG and IT indices, ended in the red.
Meanwhile, Nifty Auto, PSU Bank, and Consumer Durables indices ended lower by over 1 per cent each. In another sphere, factory activity contracted unexpectedly in January in China, reversing the expansionary momentum in the past three months, partly due to a slow season ahead of the Lunar New year.
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