The benchmark S&P BSE Sensex slipped 236.18 points or 0.3% to settle at 81,289.96, while the broader Nifty 50 index closed at 24,548.70, lower by 93.10 points or 0.38%.
IT companies, which earn a major portion of their revenues from the US, closed 0.8% higher. An in-line US inflation data guaranteed a Federal Reserve rate cut next week, enhancing the outlook for these firms’ dollar-dominated revenues.
IT major Tech Mahindra was one of the top five Nifty gainers, closing 1.2% higher, along with Adani Enterprises and Bharti Airtel, which gained 1.9% and 1.5%, respectively.
Except for the IT and metal indices, all other sectors witnessed declines, with energy stocks down 0.8% and public sector banks losing 0.8%.
India’s inflation reading and industrial output data after the market close would be crucial factors in deciding the market sentiment given the concerns over slowing economic growth. Inflation in India likely eased in November, according to a Reuters poll.The market continued to remain range-bound ahead of domestic CPI data and weakening rupee, said Vinod Nair, Head of Research at Geojit Financial Services.“Though inflation is anticipated to drop, investors are maintaining a close vigil on the vegetable prices, which will determine the future rate trajectory. Meanwhile, the Nifty IT index reached a new high after US inflation data met expectations, boosting hopes for a Fed rate cut next week,” Nair added.
Forrás: eredeti cikk
