Sensex closed with a decline due to selling in IT stocks, Tata Steel-SBI remained bullish

Stock Market Closing On 18 November 2024: The Indian stock market closed with a decline in the first trading session of the week due to sharp fall in IT stocks like Infosys, TCS and Wipro. Although there was growth in most sectors other than IT, the market came under pressure due to selling in IT stocks. At the end of today’s trading, BSE Sensex closed at 77,371 points with a fall of 241 points and Nifty of National Stock Exchange closed at 23,465 points with a fall of 79 points.

rising and falling shares

In today’s trading, out of 30 Sensex stocks, 14 stocks closed with gains while 16 closed with losses. Of the 50 Nifty stocks, 21 closed with gains and 29 with losses. The rising stocks include Tata Steel, Nestle India, HUL, SBI, JSW Steel, Adani Ports, Mahindra & Mahindra, Kotak Mahindra Bank, Maruti Suzuki, HDFC Bank, Bajaj Finance and Asian Paints. Whereas TCS, Infosys, Tech Mahindra, NTPC, Bajaj Finserv, IndusInd Bank and Axis Bank closed with a decline.

Sectoral Update!

In today’s trading, there was a rise in the shares of Banking, Auto, FMCG, Metals, Real Estate, Consumer Durables sectors, while selling was seen in the shares of IT, Healthcare, Oil and Gas, Energy, Media and Pharma sectors. During today’s trade, Nifty Midcap index closed flat while Nifty Smallcap index closed with a decline.

Why did the Indian stock market fall?

IT stocks have played a major role in the fall of the Indian stock market. Nifty’s IT index had fallen by more than 1200 points at one time and this index has closed with a decline of 2.22 percent. All 10 stocks included in the Nifty IT index closed down, including Infosys, TCS, Tech Mahindra, Wipro and LTIMindtree and HCL Tech. US Federal Reserve Chief Jerome Powell has said that the Central Bank does not need to rush in reducing interest rates. Due to his statement, there was a decline in the shares of American tech companies and it has also affected the Indian IT stocks. In fact, a large part of the revenue of Indian IT companies comes from America.

Apart from the disappointing quarterly results of the companies, selling by foreign investors has also played a role in taking the market down. The selling by FIIs which started from the last week of September is continuing.

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