ANI
17 Nov 2023, 16:33 GMT+10
Mumbai (Maharashtra) [India], November 17 (ANI): In a day marked by fluctuating trends, the Indian stock market indices closed in the red on Friday, concluding the week on a subdued note.
The benchmark BSE Sensex witnessed a downturn, shedding 187.75 points to close at 65,794.73. Similarly, the NSE Nifty50 retreated by 33.40 points, settling at 19,731.80.
The overall market sentiment was influenced by weakness in select banks and NBFC stocks, contributing to a dampened investor mood. Among the Nifty companies, 28 recorded advances while 22 faced declines, reflecting a mixed performance within the index.
Among the Nifty companies SBI Life, Apollo Hospitals, HDFC Life, LT, and Tata Consumer Products were the top gainers and on the other hand SBI, Axis Bank, ONGC, BPCL, and Bajaj Finance were the top losers at the market closing on Friday.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Equity benchmark indices incurred losses on Friday, driven by weakness in select banks and NBFC stocks, thereby dampening investor sentiment. The BSE Sensex witnessed a decline of 375.90 points from its peak, concluding at 65,982.48. Similarly, the NSE Nifty50 retreated by 74.2 points from its high, settling at 19,731.80".
Aggarwal added, "The bearish sentiment in the crude oil market is influenced by diminished demand from Asia and the US, reflected in the notable increase in US commercial inventories. WTI is on a trajectory toward its fourth consecutive weekly decline, currently trading near four-month lows".
Equity benchmark indices incurred losses during the trading day, driven by bearish sentiments in the crude oil market. The BSE Sensex experienced a decline of 375.90 points from its peak, settling at 65,982.48, indicating a cautious market environment.
The decline in crude oil prices is attributed to diminished demand from Asia and the US, leading to a notable increase in US commercial inventories. WTI crude oil is on track for its fourth consecutive weekly decline, currently trading near four-month lows.
Within the Futures and Options (FO) segment, IRCTC, SBI Life Insurance, ICICI Lombard, TVS Motors, and HDFC AMC emerged as the top gainers. Conversely, RBL Bank, AB Capital, SBI Cards, LT Finance, and Manappuram Finance faced losses.
Aggarwal said, "Railway shares experienced positive momentum, with Titagarh Railway Systems leading the gains with an increase of over 18 per cent, followed by IRCON International, up by 7.78 per cent, Railtel, advancing by over 10 per cent, Texmaco Rail, gaining 6 per cent, and Rail Vikas Nigam, rising by more than 5 per cent. The Indian Rail Freight Industry is currently undergoing significant expansion and enhancements, marked by ambitious plans and increased investments aimed at augmenting capacity, efficiency, and sustainability".
Railway shares experienced positive momentum, with Titagarh Railway Systems leading gains with an increase of over 18 per cent. Other notable performers include IRCON International, Railtel, Texmaco Rail, and Rail Vikas Nigam.
This surge is attributed to the significant expansion and enhancements in the Indian Rail Freight Industry, marked by ambitious plans and increased investments aimed at augmenting capacity, efficiency, and sustainability.
As the markets wrap up the week, investors remain watchful of global economic indicators and geopolitical developments that may influence market dynamics in the upcoming sessions. (ANI)Get a daily dose of Iraq Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
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