हिंदी खबर
Mumbai (Maharashtra) [India], November 24 (ANI): Following a promising start to the trading day, Indian stock indices faced fluctuations and ultimately closed in the red on Friday.
The subdued cues from global markets, attributed to the Thanksgiving holiday in the US, influenced the narrow trading range of equity benchmark indices.
Closing at 65,940.27, the Sensex experienced a decline of 36.57 points, while the Nifty ended 6.00 points lower at 19,790.55. Within the Nifty companies, 19 witnessed advances, but 31 showed declines.
Pharma stocks displayed significant gains, while most IT stocks, including top losers like Apollo Hospitals, HCL Technology, Wipro, Britannia, and TCS, faced setbacks.
Among the top gainers in the Nifty companies were Cipla, Divi's Lab, Adani Enterprises, Hindalco, and JSW Steel. In contrast, LIC's stock surged nearly 10 per cent, standing out from the downward trend in most IT stocks.
Varun Aggarwal, founder and managing director, Profit Idea said, "Equity benchmark indices had a narrow trading range on Friday, influenced by subdued cues from global markets due to the Thanksgiving holiday in the US. LIC's stock surged nearly 10 per cent, contrasting with most IT stocks which were in the red. Pharma stocks showed significant gains".
The USDINR spot price reflected a depreciation of the Indian Rupee at 83.37. This decline was attributed to increased demand for dollars from importers and a weakened tone in Asian currencies.
Aggarwal said, "Equity benchmark indices had a narrow trading range on Friday, influenced by subdued cues from global markets due to the Thanksgiving holiday in the US. LIC's stock surged nearly 10 per cent, contrasting with most IT stocks which were in the red. Pharma stocks showed significant gains".
Aggarwal said, "The USDINR spot price was at 83.37, reflecting a depreciation of the Indian Rupee. This was attributed to increased demand for dollars from importers and a weakened tone in Asian currencies. Despite a softer US Dollar and a decline in crude oil prices providing some support, the Rupee was expected to trade with a slight negative bias due to weak global markets and anticipated recovery in the US Dollar index".
He added, "IPO-related Dollar inflows and a weak trend in crude oil prices could, however, provide support. Traders were advised to watch PMI data from the US for further cues, with the USDINR spot price expected to range between Rs 83.10 and Rs 83.70".
Despite some support from a softer US Dollar and declining crude oil prices, the Rupee traded with a slight negative bias due to weak global markets.
While healthcare and banking stocks performed well, IT and FMCG stocks experienced losses. The NSE Nifty 50 closed down by 0.04 per cent at 19,790.55, and the BSE Sensex ended down by 0.07 per cent at 65,970.04.
Smallcap and Midcap stocks saw mixed results, with the Bank Nifty index gaining 0.44 per cent to settle at 43,769.10.
Market analysts advised traders to monitor PMI data from the US for further cues, expecting the USDINR spot price to range between Rs 83.10 and Rs 83.70.
Despite the challenges, IPO-related Dollar inflows and a weak trend in crude oil prices could offer support in the coming sessions. (ANI)
