Sensex trades flat amid weakness in IT stocks, Nifty around 19,800

Sensex trades flat amid weakness in IT stocks, Nifty around 19,800

Ira Singh
12 Oct’23

The Indian equity market indices ended lower with Nifty below 19,800 in the volatile session on Thursday as IT shares declined after TCS stated that headwinds continue for the sector amid a sluggish economic climate. Rate-sensitive stocks gained after US Federal Reserver’s meeting minutes released on Wednesday suggested that the US central bank would not raise interest rates in the near future amid uncertain economic conditions.

At close,Sensex was down 64.66 points or 0.10 percent to 66,408.39 and the Nifty ended 17.35 points or 0.09 percent lower at 19,794.

Stocks and Sectors

BPCL, Coal India, Maruti Suzuki, NTPC and Power Grid Corporation were the top gainers on the Nifty, while losers included Tech Mahindra, Apollo Hospitals, TCS, LTIMindtree and Infosys.

On the sectoral front, Information Technology index shed 1.3 percent and realty index down 0.3 percent, while auto, metal, power, oil & gas added 0.5-1 percent.

BSE midcap index gained 0.3 percent and smallcap index rose 0.6 percent.

On 12 Oct’23,the Indian rupee traded higher for the third day in a row, appreciating by 5 paise to close at 83.14 against the US dollar ahead of inflation data,in early trade on Thursday amid easing crude oil prices and a weak American currency.

Subdued sentiments in the domestic equity markets and concerns over foreign funds withdrawal capped a sharp gain in the Indian currency, forex analysts said.

Experts Take:
Market experts have recommended six stocks to buy for Thursday-ACC, McDowell-N, Zomato, UPL, JK Paper, Ramco Cement.