July 23, 2024

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Sensex, Nifty Struggle For Direction; IT Stocks Surge

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Indian shares struggled for direction on Friday as global bond yields surged on hawkish Fed comments.

In a discussion at the 2024 Michigan Bankers Association Convention, Minneapolis Fed President Neel Kashkari noted that it will probably take a year or two to get inflation back to the central bank’s 2 percent target.

The benchmark S&P BSE Sensex was marginally lower at 77,471, giving up early gains. The broader NSE Nifty index was up 19 points at 23,586.

IT stocks traded higher, with Wipro, Tech Mahindra, Infosys and LTIMindTree rallying 2-3 percent after Accenture forecast 2024 revenue growth above estimates.

Bharti Airtel climbed 2.1 percent after acquiring additional stake in Indus Towers.

Tata Motors fell about 1 percent after launching Fleet Verse – a comprehensive and innovative digital marketplace for Tata Motors Commercial Vehicles.

Kotak Mahindra Bank, Adani Enterprises, Hindustan Unilever and HDFC Bank all were down around 1 percent.

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2024-06-21 00:23:25

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