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Sensex, Nifty End Lower As Banks And Energy Stocks Drag
(RTTNews) - Indian shares ended modestly lower on Friday after two days of gains.
While weak global cues weighed on sentiment, a sharp fall in oil prices Thursday on demand concerns and bets that the U.S. Federal Reserve might announce two rate cuts next year helped limit losses in the broader market.
The benchmark S&P BSE Sensex ended the session down 187.75 points, or 0.28 percent, at 65,794.73, dragged down by banks and energy stocks. The broader NSE Nifty index settled 33.40 points, or 0.17 percent, lower at 19,731.80.
Bajaj Finance, BPCL, ONGC, Axis Bank and SBI fell 2-3 percent in the Nifty pack, while SBI Life topped the gainers list to rally 4 percent on brokerage recommendations.
Tata Consumer Products, Larsen & Toubro, HDFC Life and Apollo Hospitals Enterprise gained 2-3 percent.
The dollar edged higher in early European trade but was set for a weekly loss as markets price in the possibility of a Fed rate cut in the first half of 2024.
The 10-year U.S. Treasury yield hovered near two-month lows after a string of weak economic data underscored the world's largest economy is slowing down.
Oil prices rose today but headed for a fourth weekly loss after sinking into a bear market on signs of oversupply, rising stockpiles and concerns over waning demand in the U.S. and China.
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