Sensex, Nifty End Flat Amid Mixed Global Cues and Sector-Specific Movements

Sensex, Nifty End Flat Amid Mixed Global Cues and Sector-Specific Movements

VoM News Desk | November 24, 2023 | 06:13 PM IST | Breaking News | Follow on Google News

Sensex, Nifty End Flat Amid Mixed Global Cues and Sector-Specific Movements

Sensex, Nifty End Flat Amid Mixed Global Cues and Sector-Specific Movements

India’s key equity indices, the BSE Sensex and NSE Nifty 50, concluded Friday’s trading session with marginal changes, influenced by mixed global cues and varying sector performances.

Key Market Highlights

1. Sensex and Nifty Performance: The BSE Sensex closed lower by 47.77 points (0.07%) at 65,970.04, while Nifty 50 ended down by 7.30 points (0.04%) at 19,794.70.
2. Sectoral Trends: Metal, pharma, and banking stocks witnessed gains, while IT and FMCG sectors faced declines.
3. Market Outlook: Technical analysts observed a sluggish week with minimal momentum, although Nifty 50 secured a slight weekly gain of 0.34%.
4. LIC’s Share Surge: Life Insurance Corporation (LIC) shares jumped 10% due to its target for double-digit growth in new business premiums for FY24.

Expert Analysis and Technical Views

• Analysts recommend a selective approach in the market, focusing on individual stock trades due to notable sector rotation.
• The market thinned out amidst Thanksgiving holidays in the US, impacting trading volumes and movements.
• Downbeat crude oil prices failed to ignite bullish sentiments in the market.

Broader Market Performance

• Nifty Midcap 100 and SmallCap 100 indices closed flat and 0.30% higher, respectively.
• India VIX, the fear gauge index, ended marginally higher.

Asian Market Performance

• Most Asian markets fell on Friday, with Shanghai Composite and Hang Seng indices closing lower. Nikkei ended higher, while other major indices like S&P/ASX 200, Kospi, Taiex, and FTSE Straits Times Index closed lower.

Nifty 50 Gainers and Losers

• Top gainers included Adani Enterprises, Cipla, Divi’s Laboratories, Hindalco Industries, and Adani Ports.
• Major losers were Wipro, Apollo Hospitals, HCL Technologies, Tata Consultancy Services, and Britannia Industries.

Sectoral Indices Today

• Nifty Pharma and Metal indices outperformed, while Nifty IT index dropped.

Expert’s Market Views

• Analysts anticipate a significant market shift soon, advising close monitoring of price dynamics.
• Key support and resistance levels for Nifty 50 are identified for the upcoming sessions.

Global Economic Factors

• Weak German growth data and limited US market activity due to Black Friday influenced trading sentiments.
• Upcoming US manufacturing PMI data for November and RBI scrutiny on unsecured lending by NBFCs are key factors to watch.

Market Holiday Notice

• Indian stock markets will remain closed on Monday due to Guru Nanak Jayanti.

Investors and traders are advised to stay cautious and selective in their approach, given the mixed global cues and varying sectoral performances. The anticipation of significant market movements warrants close attention to emerging trends and global economic factors.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.