Indian Markets Stagnant as IT Stocks Retreat, Weekly Gains Intact

24 Nov 2023 , 01:16 PM

Indian shares show no significant movement on Friday, with IT stocks declining after a recent rally. Sensex trades at Rs 65,932 (0.13% dip), and Nifty at 19,783 (0.10% dip) at the time of writing.

NSE Nifty 50 falls 0.05% to 19,791.40 points; S&P BSE Sensex is down 0.06% at 65,975.86 as of 10:06 a.m IST. Both benchmarks are poised for their fourth straight weekly gains, driven by expectations of peaked interest rates in the U.S. and Europe.

The results of five state elections on Dec. 3 may influence market trends leading up to the 2024 national elections. IT sector sees a 0.42% loss after a recent 6.30% surge in six sessions; Pharma rebounds by 1.2% after a 1.57% dip.

Cipla, Divi’s Laboratories, and Dr Reddy’s Laboratories lead Nifty 50 gainers, rising between 1.3% and 2%. Lupin gains 2.4% on U.S. FDA approvals; NMDC sees a 2.2% increase after raising lump iron ore prices.

Paytm operator One 97 Communications loses 3% as 15.76 million shares (about 2.5% equity) change hands in two blocks, according to LSEG data.

For feedback and suggestions, write to us at [e-mail]