Festive Market Outlook, Defence PSU Stocks Buzz, Swiggy Instamart Bengaluru Raids
Indian equity markets opened on a cautious note as the Nifty index fell below the 23,700 mark during range-bound trading. Precious metals including gold and silver recorded gains due to global tensions, while Brent crude oil remained near 97 dollars per barrel. In corporate updates, Samsung India reduced its workforce by 80 to 100 executive positions following declines in smartphone sales and rising chip costs. Shiprocket narrowed its quarterly net loss to 13.7 crore rupees, reporting a revenue increase of over 33 percent year-on-year. Sector analyses showed input cost pressures and high base effects affecting growth in automobile and consumer durables, alongside order inflows for defence, aerospace, and shipbuilding companies. Metropolis Healthcare outlined a three-year strategy to expand its collection network to 7,500 centres and increase margins. Meanwhile, food safety officials in Bengaluru conducted surprise inspections at Swiggy Instamart and Lio Mart outlets in Lingarajapuram, temporarily seizing a facility after discovering expired food products on the premises.
