Indian Market Ends Flat on Friday as IT Stocks Waver

24 Nov 2023 , 03:52 PM

Indian shares remained flat on Friday, primarily influenced by a drop in information technology (IT) stocks following a recent rally. At the closing, Sensex is at Rs 66,970, marking a 0.07% dip from the previous close, while Nifty trades at Rs 19,794, reflecting a 0.04% dip.

NSE Nifty 50 index falls 0.05% to 19,791.40 points, and S&P BSE Sensex is down 0.06% at 65,975.86 as of 10:06 a.m IST.

Both benchmarks are on track for their fourth consecutive weekly gains, fueled by expectations that interest rates have peaked in the U.S. and Europe. IT sector experiences a 0.42% loss after a recent 6.30% surge in six sessions, triggered by soft U.S. inflation data. However, the rally shows signs of tapering off, with a 1% decline in the index over the last two sessions.

NMDC gains 2.2% following an increase in lump iron ore prices.

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