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Market resume downtrend as IT stocks seep.



India news today

Mumbai: Equity benchmarks treaded lower for the second straight day on Friday. Weighed by losses in IT and bank stocks, as investors balked at broadening their portfolios amid apprehensive valuations and expansion concerns.

After trading on a weak note through the day, the 30-share BSE Sensex ended 215.76 points, or 0.53 per cent, lower at 40,359.41.

Similarly, the broader NSE Nifty settled 54 points, or 0.45 percent, down at 11,914.40. During the week, the Sensex inched up 2.72 points, while the Nifty earned 18.95 points.

IT stocks came under selling pressure following reports of modifications in the US. Due to US work visa regulations aimed at safeguarding American workers, traders said.

“Market is on an edge provided high valuations for blue-chips. It’s not empowering headroom for main indices to move higher trading at P/E of 26x on a trailing basis.

Lack of new impetus in the coming week and focus is on India’s weak GDP. The data is to be announced next week. It is affecting the market,” said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE IT, teck, telecom, capital goods, bankex, industrials and consumer durables fell up to 2.21 per cent.

On the other hand, metal, power, utilities, basic materials, energy and auto gained up to 2.08 percent.

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