Sensex, Nifty extend losses amid weak rupee and IT sector decline
1 month ago

Sensex, Nifty extend losses amid weak rupee and IT sector decline

India Today  

Benchmark 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.

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