133719In view of reduced inflation and expenses, will it be right to invest in IT stocks?
Indian benchmark indices closed lower by more than 1%.
Out of the 30 stocks listed on the Sensex, only three gained on Friday — Tata Motors, TCS, and Nestle India. Conversely, Sun Pharma, Maruti Suzuki India, Power Grid Corporation, Titan, and JSW Steel were among the top decliners for the day.
In contrast, just five of the 50 stocks comprising the Nifty 50 closed the day with gains, with Divi’s Laboratories, Bajaj Auto, Tata Motors, TCS, and Nestle India being the sole advancers. Leading the declines on the benchmark index were Sun Pharma, Maruti Suzuki India, Power Grid Corp., Titan, and ONGC.
On Friday, Indian markets were unsettled following the release of hotter-than-anticipated inflation data in the US on Thursday. This development pushed back projections for an early rate cut by the Federal Reserve. As a result, Indian benchmark indices closed lower by more than 1%.
The Sensex began the session lower at 74,889.64, reached a low of 74,202.66, and concluded at 74,244.90, marking a decrease of 793.25 points or 1.06%.
Simultaneously, the Nifty 50 commenced at 22,677.40, dipped to a low of 22,510.55 within intraday transactions, and settled at 22,519.40 by the close, reflecting a decline of 234.40 points or 1.03%.