Stock Market: After fluctuations, Sensex closed in the red, Sensex slipped 55 points, Nifty below 24150.
New Delhi. Benchmark indices of the Indian stock market closed with losses on Friday, extending their losses from the previous session. The Sensex closed at 79,486.32, down 55.47 points or 0.07 per cent, while the Nifty closed at 24,148.20, down 51.15 points or 0.21 per cent.
According to NSE data, PSU Bank, Media, Realty and Oil & Gas were the biggest falling stocks in the sectoral index. Continuous selling by foreign portfolio investors (FPIs) in the market remains a matter of concern. In October, FPIs sold shares worth Rs 94,017 crore, adding pressure to the market and they became net sellers in India after being buyers continuously for four months.
Vinod Nair, head of research at Geojit Financial Services, said investors remained cautious due to disappointing earnings and continued withdrawal of FPIs, due to which the market continued to remain sluggish. The US Fed has continued its rate-cutting cycle to stimulate the economy and cut interest rates by 25 bps. A similar cut is expected in the monetary policy meeting of RBI in December amid softening of inflation.
However, inflation in India is expected to rise in October, and the RBI may also consider keeping rates on hold in the near term due to the strong US dollar, Nair said. Meanwhile, the rupee hit a new all-time low on Friday.
Source : palpalindia
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