Stock market today: Indian shares closed lower with minor losses on Thursday, November 9, dragged by a slide in information technology (IT) and oil and gas stocks. The NSE Nifty 50 index settled 0.25 per cent lower at 19,395.3, while the S&P BSE Sensex fell 0.22 per cent or 143.41 points, to 64,832.2 levels. The IT index fell 0.65 per cent, with TechM, Infosys, and TCS losing nearly 1 per cent.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Nifty Bank ended flat at 43,683.6, up 0.06 per cent among sectoral indices. In the broader market, the Nifty Smallcap 100 settled in the red, while the Nifty Midcap 100 ended in the green.

Adani Enterprises, HUL, Adani Ports, Tata Consumer Products and ONGC were among the top losers, down nearly 2 per cent. On the other hand, M&M, Apollo Hospitals, Coal India, Power Grid, and IndusInd Bank were among the top gainers in the Nifty basket, trading with gains of around 4-1 per cent.

"Reflecting the mixed global sentiments, the Indian market is mired to a range bound trend with the Nifty index not able to breach above the key level of 19,500. Cues from the Fed Chair's speech have reduced the likelihood of a rate hike in the near term, leading to an ease in US treasury yields and calming the market," Vinod Nair, Head of Research at Geojit Financial Services said.

"FIIs selling has moderated but inflows continue to be muted on concerns of an elevated interest rate and a global slowdown. Mid- and small caps are back in favour after the recent fall, led by retail activities & good corporate results," Vinod Nair, Head of Research at Geojit Financial Services said," Nair added.

Global Market

European shares rose on Thursday, driven by strong earnings by AstraZeneca and Adyen. Besides, markets awaited the Federal Reserve Chair's remarks on the monetary policy outlook after European Central Bank officials played down market bets around rate cuts. The pan-European STOXX 600 was up 0.2 per cent by 0904 GMT after touching a three-week high intraday in the prior session. Markets are once again bracing for Powell's remarks, a day after he refrained from commenting on interest rates.

Dow Jones traded higher while S&P 500 and Nasdaq Composite futures traded sluggish at the last count, indicating a mildly positive start ahead on Wall Street.