FX.co ★ Sensex, Nifty Subdued; IT Stocks Bounce Back

On Friday, Indian stocks traded within a tight range, despite positive signals from global markets following anticipated interest rate cuts by the Federal Reserve and the Bank of England.

The S&P BSE Sensex remained relatively stable, settling at 79,492, recovering some of its earlier declines. Meanwhile, the broader NSE Nifty recorded a slight drop of 19 points, standing at 24,180.

Notable declines occurred as Lupin, NCC, Cochin Shipyard, NHPC, and SAIL saw their stock values fall by 1% to 4% following the announcement of their quarterly earnings. Tata Motors experienced a 1.5% decrease ahead of its earnings report, in contrast to State Bank of India shares, which rose by 0.5%.

Astral’s shares slid by 1% after the company reported an 18% reduction in its second-quarter profits.

Other movements in the market included decreases in Shriram Finance, Coal India, BPCL, and Trent shares, each dropping by 1% to 2%. On the other hand, the technology sector, represented by companies such as Infosys, Tech Mahindra, and Wipro, all saw gains of over 1%.