News

Friday
November, 8

Sensex, Nifty log longest weekly losing streak in 15 months

Featured in:



BENGALURU: Indian shares posted their longest weekly losing streak since May 2022 on Friday, dragged by IT stocks, as concerns over U.S. interest rates and China’s flagging economic recovery dampened risk appetite.
Both the blue chips Nifty 50 and Sensex declined for a fourth consecutive week. The Nifty 50 has lost 3.4% since hitting a record high on July 20.
The Nifty 50 index closed 0.28% lower at 19,310.15 on the day, while the S&P BSE Sensex fell 0.31% to 64,948.66.
Information technology (IT) firms shed 1.47% and was the top sectoral loser.
Tata Consultancy Services, Infosys, Wipro were among the top Nifty 50 losers, falling between 1% and 2%.
“Concerns over prolonged high interest rates and worries over the financial sector in the US will obviously hurt Indian IT firms as BFSI (banking and financial services) is their largest client base,” said Pramod Gubbi, founder of Marcellus Investment Managers.
High-weightage Reliance Industries rose 0.74% after the Bombay Stock Exchange announced that the recently demerged Jio Financial Services will be listed on Monday, August 21.
Global shares declined as investors bet on US interest rates staying elevated for longer, with worries over China’s shadow banking sector also weighing on sentiment.
“The ongoing consolidation (in Indian shares) over the last four weeks is healthy for the markets, as temporary pullbacks are a defining feature of every bull market,” Gubbi added.
Meanwhile, both Adani Enterprises and Adani Ports climbed more than 3% to the top of the Nifty 50 index after a media report said Abu Dhabi energy and utility firm TAQA is considering investing nearly $2.5 billion in the Indian conglomerate’s power businesses.
Both TAQA and Adani Group denied the report.





Source link

Find us on

Latest articles

- Advertisement - spot_imgspot_img

Related articles

A Strong Presence of the German Economy in the...

A Strong Presence of the German Economy in the Entire Asia-Pacific Region is a Decisive Factor for...

THE EU NEEDS AN AMBITIOUS INVESTMENT PLAN

THE EU NEEDS AN AMBITIOUS INVESTMENT PLAN Dear Executive Vice-Presidents and Commissioner-designates, We, representing 46 businesses, civil society organizations,...

Maharashtra Govt Approves $10 Billion Proposal By Israel’s Tower...

Maharashtra Govt Approves $10 Billion Proposal By Israel's Tower Semiconductor And Adani Group To Set Up Chip...

Rosler & AM Solutions To Showcase Advanced Finishing Technologies...

RÖSLER & AM SOLUTIONS TO SHOWCASE ADVANCED FINISHING TECHNOLOGIES AT MEDICAL TECHNOLOGY IRELAND 2024 Rösler Group and its...

New PA6 and UHMWPE Compound Optimizes Bridge Bearing Properties

Better than PTFE and UHMWPE: New PA6 and UHMWPE Compound Optimizes Bridge Bearing Properties   MKSM, a new bridge...

The Number Of Bitcoin Millionaires Has Soared 111% In...

The Number Of Bitcoin Millionaires Has Soared 111% In The Last Year As The Cryptocurrency Rallies The number...