FINAL TRADE: Nifty slips below 19,800, Sensex down 48 pts dragged by IT stocks as D-Street heads into long weekend
Stock market today: The Nifty50 closed 7.3 points or 0.04 per cent lower at 19,794.7 while the Sensex lost 47.77 points or 0.07 per cent for the day to end at 65,970.04.
Stock market today: Domestic equity benchmarks finished yet another volatile session largely unchanged on Friday, November 24, as weakness in IT and FMCG shares offset strength in financial names. The Nifty50 closed 7.3 points, or 0.04 per cent, lower at 19,794.7, while the Sensex lost 47.77 points, or 0.07 per cent, for the day to end at 65,970.04. The heavy-weight bank index—Nifty Bank—managed to end in green, 0.44 per cent higher at 43,769.1, led by buying interest in Axis Bank, HDFC Bank, and ICICI Bank.
Nifty Smallcap 100 ended flat, up 0.6 per cent while Nifty Midcap 100 closed 0.3 per cent higher in broad market indices.
Nifty Pharma, which lost 1.57 per cent in the previous session dragged by Cipla after the US drug regulator's warning letter was made public, witnessed a decent recovery to end at 15,954.5, up 137.05 points or 0.87 per cent. Granules, Gland Pharma Lupin, Cipla, Divi's Laboratories, and Dr Reddy's Laboratories were the top Nifty 50 gainers.
"The Nifty has encountered difficulty surpassing the resistance range of 19,850–19,900. On the downside, 19700 has held as a near-term support level. As long as there's no breakout, the index is expected to continue moving sideways," Rupak De, senior technical analyst at LKP Securities, said.
"A decline below 19,700 could potentially trigger a market correction. Conversely, a clear move above 19,900 might prompt a significant rally, potentially driving the index towards a new all-time high," the analyst added.
Global market
European shares began the day in the red, mirroring weakness amid thin holiday trade across Asia, with the benchmark STOXX 600 trading 0.1 per cent lower at the last count. Weakness in mining and technology stocks weighed on the markets. The pan-European gauge, however, was on track for a weekly gain, with investors focusing on corporate earnings and the prospects of rate cuts.
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