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Sensex, Nifty snap four-day rally as banks, IT stocks drag

The Nifty closed down 0.35 per cent at 11,896.45, while the Sensex ended 0.37 per cent lower at 40,558.49, both snapping four straight sessions of gains.

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Indian shares ended lower on Thursday, dragged by losses in financial and IT stocks, tracking broader market sentiment on concerns over a setback to US stimulus talks and a spike in global COVID-19 cases.

The Nifty closed down 0.35 per cent at 11,896.45, while the Sensex ended 0.37 per cent lower at 40,558.49, both snapping four straight sessions of gains.

The Nifty Bank Index ended 0.61 per cent lower, weighed down by losses in lenders HDFC Bank Ltd and ICICI Bank Ltd, which closed 1.07 per cent and 1.76 per cent lower, respectively.

The Nifty IT Index, which has gained 7.3 per cent so far this month, ended the session 0.76 per cent lower. Shares of Infosys Ltd ended the day 1.68 per cent lower and was among the top drags.
"IT stocks are undergoing some profit-taking because of stretched valuations and we are not getting a clear picture for bank stocks because of moratoriums in place," said Anita Gandhi, director at Arihant Capital Markets.

Tata Consultancy Services shed 0.16 per cent, after the company was reported to be a potential buyer for Deutsche Bank's IT services division, Postbank Systems.

Shares of conglomerate Reliance Industries closed down 0.8 per cent and Dr.Reddy's Laboratories ended the day 0.4 per cent lower after the drugmaker isolated all its data center services as a preventive measure following a cyberattack.

World shares slid to a two-week low as global COVID-19 cases surged and as U.S. President Donald Trump accused Democrats of being unwilling to craft an acceptable compromise on a COVID-19 stimulus bill.

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