17 Nov 2023 , 02:01 PM
In today’s market, Indian shares exhibited a mixed trend on Friday, influenced by a decline in financial stocks due to the central bank’s tightened consumer lending rules. At the time of writing, Sensex traded at Rs 65,873, marking a 0.16% dip from the previous day, while Nifty stood at Rs 19,751, showing a 0.07% decline.
Financial-related indexes, including banks and financial services, faced losses of about 0.75%, with public sector banks experiencing a 2% drop.
Concerns about the sector’s loan growth and profitability arose after the Reserve Bank of India (RBI) implemented stricter rules for personal loans and credit cards.
State Bank of India, Axis Bank, Bajaj Finance were prominent losers on Nifty, falling between 0.5% and 2.5%.
Other major Nifty sectors advanced, driven by optimism that the U.S. Federal Reserve will not raise rates again in this cycle and a decrease in crude oil prices to a four-month low.
Lower oil prices are favorable for Indian importers, leading to gains for companies like Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd, and Indian Oil Corp, each rising 1%.
Nifty 50 and Sensex have gained 1.5% each for the week, driven by a 5.45% surge in the information technology (IT) index, poised for its best week in 16 months.
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