Sensex, Nifty extend losses amid weak rupee and IT sector decline
India TodayBenchmark stock market indices continued their losing streak as they closed in red, dragged down by a fall in IT, energy, and pharma stocks. Vinod Nair, Head of Research, Geojit Financial Services said that consolidation continued in the market; a slowdown in earnings growth and a weak rupee due to inflation impacted sentiment. "IT stocks reacted negatively today due to a reduced expectation of a FED rate cut in December, which may pose a delay in spending in the BFSI segment. The broader indices also showed mixed results, as the midcap index remained flat while the smallcap index declined by nearly half a percent. We recommend maintaining a cautious outlook on the index and focusing selectively on stock-specific opportunities," said Ajit Mishra – SVP, Research, Religare Broking Ltd. 10 of the sectoral indices closed in green, with metal stocks gaining the most.