Sensex drops 110 points; RIL, IT stocks weigh

NSE Nifty slipped 18.05 points.

November 27, 2020 04:07 pm | Updated 04:07 pm IST - Mumbai

A view of the BSE building in Mumbai. File

A view of the BSE building in Mumbai. File

Equity benchmark Sensex ended 110 points lower after a choppy session on Friday, dragged by losses in index majors Reliance Industries, Infosys and TCS despite a positive trend in global markets.

The 30-share BSE index closed 110.02 points or 0.25% lower at 44,149.72.

The broader NSE Nifty slipped 18.05 points or 0.14% to 12,968.95.

PowerGrid was the top laggard in the Sensex pack, shedding over 2%, followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.

On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

Domestic market swung between gains and losses in a narrow range. While most of Asian markets recovered in green after witnessing tepid opening, Indian broader indices remained choppy throughout the day, said Binod Modi, Head- Strategy at Reliance Securities.

“However, strong buying remained visible in midcap and small cap stocks as investors find midcaps more attractive now due to wider valuations gap compared to large caps,” he added.

“As current valuations look to be reasonably stretched and street is factoring a robust earnings growth, sustainability of rebound in key economic indicators will be crucial for the market in the near term,” he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were largely trading with gains in early deals.

Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.67% higher at USD 48.11 per barrel.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.