Stock market news | Image:Republic World
Stock market news: Despite marginal gains on Friday, India’s benchmark indices, the NSE Nifty 50 and Sensex, closed the week with losses, primarily influenced by a decline in high-weightage information technology (IT) stocks. The Nifty 50 recorded a 0.09 per cent decrease, while the Sensex saw a 0.30 per cent dip.
BSE Sensex closed 0.25 per cent higher at 72,026.15 and Nifty 50 closed 0.24 per cent higher at 21,710.80.
Throughout the week, IT stocks registered a 1.87 per cent decline, reflecting concerns over weak earnings prospects and diminishing expectations of early US interest rate cuts in 2024. Brokerages anticipate IT companies, heavily reliant on US revenue, to report subdued quarterly earnings due to ongoing weaknesses in client spending.
“The market ended on a flat note, tracking weak global cues, with the US 10-year yield edging…
