Indian Markets Brace for Subdued Start

24 Nov 2023 , 08:14 AM

The GIFT Nifty on the NSE IX experienced a downward movement of 18 points, or 0.09%, settling at 19,860, indicating a potentially subdued start for Dalal Street on Friday.

In the broader Asian markets, trading was in negative territory in anticipation of significant economic data from Japan on Friday. On November 23, oil prices dipped by approximately 1%, extending previous losses amid expectations that OPEC+ might not deepen output cuts in the coming year following the postponement of its policy meeting.

The Indian benchmark indices concluded the day on a neutral note after another day of market volatility on November 23. The 30-stock Sensex closed at 66,017.81, recording a marginal decline of 5.43 points, or 0.01%, while the Nifty dropped by 9.80 points, or 0.05%, closing at 19,802.

In the wake of mixed global cues, the market exhibited a marginal uptick during the initial hours, with Nifty briefly surpassing 19,850. However, gains were erased as the day progressed, leading to a range-bound performance.

Among the top Nifty gainers were Hero MotoCorp, Bajaj Auto, BPCL, Eicher Motors, and IndusInd Bank. On the losing side were Cipla, UltraTech Cement, LTIMindtree, SBI Life Insurance, and Larsen & Toubro.

Sector-wise, a diverse trend emerged. The healthcare index concluded with a 1% decline, and the information technology index experienced a 0.5% dip. Conversely, the realty and oil & gas sectors each added 1%, while the auto index recorded a modest 0.4% increase.