Sensex, Nifty end lower; FMCG, IT stocks top drags
The Hindu
Benchmark indices Sensex and Nifty pared initial gains and settled lower on Saturday due to selling in FMCG and IT shares.
Benchmark indices Sensex and Nifty pared initial gains and settled lower on Saturday due to selling in FMCG and IT shares.
The 30-share BSE Sensex fell by 259.58 points or 0.36% to settle at 71,423.65 as 24 of its components declined and six advanced.
The Nifty declined 50.60 points or 0.23% to 21,571.80.
Among the Sensex firms, Kotak Bank, PowerGrid, ICICI Bank, HDFC Bank, PowerGrid were the major gainers.
HUL, TCS, M&M, IndusInd Bank, HCL Tech were among the losers.
"Amid rising optimism about AI, U.S. markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration," Vinod Nair, Head of Research, Geojit Financial Services said.
Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings, Mr. Nair added.
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