The BSE Sensex dipped by 298 points, equivalent to a 0.4% decrease, reaching 84,181 during early trading on Friday. This decline follows a nearly unchanged performance in the previous session, pulling back from a recent two-week high. The downward trend mirrored the overnight losses on Wall Street, driven by a sell-off in IT stocks and diminishing hopes for Federal Reserve monetary policy easing in the December meeting. Additionally, traders exercised caution pending the announcement of the Bihar election results scheduled for today.
Despite these factors, the impact on the market was mitigated by the conclusion of the US government shutdown, positive sentiment surrounding US–India trade agreements, and the anticipation of an interest rate cut by the Reserve Bank of India in its upcoming meeting. The majority of sectors witnessed declines, particularly in IT stocks, following the Nasdaq's overnight drop. Infosys, down 2.5%, and Tech Mahindra, down 1.0%, were notable contributors to the decline. Other sectors, including metals and banking, also experienced downturns, with significant decreases in JSW Steel, down 1.0%, and ICICI Bank, down 0.9%. However, the index is poised for a 2.7% weekly gain, marking its first increase in three weeks.
