Mid-Stock Market News: IT, Oil & Gas Witness Buying (10-11-2023)
10 November 2023, 3 min read
Nifty Media and Nifty IT were under pressure shedding 1 percent and 0.5 percent respectively. However, buying was seen in metal and oil & gas names.
The Indian stock market continued trading on a flat to negative note intraday on November 10 following weak Asian cues. Asian stocks fell to their lowest in a week on Friday, while the dollar was firm as elevated Treasury yields weighed on sentiment after hawkish comments from US Fed Chair Jerome Powell extinguished expectations of a peak in interest rates.
At 12:10 PM, the Sensex was down 50 points and was trading at 64781 mark while the Nifty shed 11 points at 19382 mark.
Nifty50 chart, source: NSE
US Federal Reserve officials including Powell said on Thursday they are still not sure interest rates are high enough to finish the battle with inflation, according to a Reuters report.
The Fed is “committed to … monetary policy that is sufficiently restrictive to bring inflation down to 2% over time,” Powell said at an International Monetary Fund event. “We are not confident that we have achieved such a stance.”
Among the sectors, Nifty Media and Nifty IT were under pressure shedding 1 percent and 0.5 percent respectively. The top losers from the media space included Zee Entertainment which was down over 3 percent followed by DIsh TV, Sun TV Network, TV18 Broadcast and Hathway Cable.
Among the IT names, HCL Tech slipped over a percent followed by Persistent Systems, Infosys, Wipro, TCS and Coforge among others.
However, buying was seen in metal and oil & gas names including Vedanta, NMDC, Jindal Steel & Power, NALCO, SAIL and JSW Steel while from the oil & gas space, buying was seen in JSPL, Petronet LNG, Mahanagar Gas, GAIL India, ONGC and Oil India Limited.
In a weak market condition, around 1289 stocks advanced and 1058 stocks declined while 109 stocks remained unchanged.
Top Nifty 50 Gainers Top Nifty 50 Losers
Most active stocks in terms of volumes:
The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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