INDIA STOCKS-Indian benchmark shares decline on profit-taking; IT gains cap losses
By Bharath Rajeswaran
Nov 24 (Reuters) - India's benchmark stock indexes fell on Monday on broad-based profit booking, while an uptick in information technology shares on rising expectations of a Federal Reserve rate cut in December capped losses.
The Nifty 50 .NSEI fell 0.42% to 25,959.50 and the BSE Sensex .BSESN lost 0.39% to 84,900.71. Both benchmarks are trading about 1.3% below their all‑time highs hit in September 2024.
However, they have risen in six of the eight weeks since early October, driven by an improving earnings outlook, consumption revival due to tax cuts, record-low inflation, and steady domestic inflows.
"Given the swift, one-way rise in recent weeks, a mild corrective phase could not be entirely ruled out as the benchmarks took a breather, witnessing measured profit-taking," said Dhupesh Dhameja, derivatives research analyst at SAMCO Securities.
On the day, fifteen of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fell 0.9% and 0.3%, respectively.
High-weightage IT stocks .NIFTYIT rose 0.4%, cushioning the benchmarks from steeper losses.
The odds of a Fed rate cut in December have risen after New York Fed President John Williams hinted at near‑term easing on Friday. India's IT firms earn a large share of their revenue from the United States. A rate cut would support growth in the world's largest economy and revive client spending, potentially boosting IT earnings.
Other Asian markets .MIAPJ0000PUS added 0.8% on the day on rising U.S. rate cut hopes. Lower U.S. rates make emerging markets more attractive for foreign investors. MKTS/GLOB
Meanwhile, the Indian rupee strengthened on the day, after hitting a fresh record low of 89.49 on Friday, with traders attributing the reversal to the central bank intervention.
Among individual stocks, Tech Mahindra TEML.NS rose 2.4% as brokerages reiterated confidence in an earnings turnaround in fiscal 2027.
Hindustan Aeronautics HIAE.NS fell 3.3% after its Tejas fighter jet crashed during an aerial display at the Dubai Airshow on Friday.
Related Articles
Elon Musk’s SpaceX Poised for Record-Breaking IPO: How Can Retail Investors Get In on the Action of Starlink Stock?
TradingKey - Elon Musk's rocket manufacturer SpaceX is expected to launch an IPO in 2026, with a target IPO valuation projected to reach $1.5 trillion. However, prior to its listing, the stock can only be traded in the private market, characterized by low information transparency and high capital ba
Cathie Wood Predicts Bitcoin Has Bottomed. Is Now The Best Time to Buy? How to Buy BTC?
Purchasing Bitcoin is generally divided into three stages: pre-transaction, during transaction, and post-transaction. Each stage requires careful attention, as losses can easily arise from operational errors, pitfalls, and other factors.
Japan Central Bank Rate Hike To Three-Decade High Imminent, How Will The Market Go? Which Assets Most Affected?
As global monetary policy divergence enters a critical phase, the Bank of Japan (BoJ) is anticipated to raise its benchmark interest rate at the monetary policy meeting on December 19, 2025, by 25 basis points to 0.75% , marking its highest level in nearly 30 years.
Gold Price Steady Climb and the Sudden Surge of Silver and Copper: Will Their Bull Run Extend Into 2026?
Dow Jones Market Data shows this marks the first time since 1980all three metals—gold, silver, and copper—simultaneously refreshed their all-time highs in the same year. Will this rally extend into 2026?
