Nifty slips below 25,000 as IT, power stocks drag; banks, pharma hold firm
SBI led Nifty50 gains, up 1.82% to ₹1,034.45 from ₹1,016, on 49.10 lakh shares worth ₹506.18 crore
The Nifty index slipped below 25,000 as IT and power stocks contributed to the decline, while banks and pharmaceutical companies managed to hold their ground. The benchmark Nifty 50 closed at 24,956, down 0.12 percent from Sunday's Muhurat trading session. The Sensex, which had opened at 81,327.29, retreated to 80,938.76, or 0.07 percent, following a rally last week.
State Bank of India led the Nifty's gains, rising 1.82 percent to ₹1,034.45, while ICICI Bank and HDFC Bank also showed positive movement. In contrast, HCL Technologies, Power Grid Corporation, Bharti Airtel, Hindalco Industries and Nestle India saw declines. Analysts noted that the index had crossed critical swing levels, and sustaining above these levels could open the way for further upward movement.
Foreign institutional investors have been a key driver of the recent rally, with an inflow of ₹13,749.82 crore into Indian equities on November 6.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
