Indian stock SENSEX falls but is moving upward on a weekly basis
Indian stocks fell by $242 (0.3%) early to $81,087 as traders confirmed profits after hitting record highs for 4 consecutive sessions.
All sector indices except IT and FMCG traded in the red, while metals, real estate, and oil and gas each fell 2%. The BSE midcap index and the small cap index each fell 1.5%.
Paytm's Q1 net loss widens to 83.9 billion rupees
BSE Sensex followed Wall Street's decline while mega-technology stocks were being sold.
Traders placed importance on reports that the US might restrict technology imports into China and anticipated the impact on tech stocks.
Domestically, the focus will be on the 2024-25 federal budget plan to be submitted to Congress next week.
Nifty 50 was mainly dragged by the metals, real estate, durable goods, and automotive sectors, and dropped below 24,700.
The main falling sectors were BPCL (-3.2%), Hindalco (-2.4%), Tata Steel (-2.8%), ONGC (-2.6%), and Eicher Motor (-2.2%).
However, supported by expectations for annual interest rate cuts by the Fed and strong domestic economic data, the index rose 0.7%, and it will rise for 7 consecutive weeks.
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