FX.co ★ Sensex, Nifty Follow Global Peers Lower; IT Stocks Drag

On Monday, Indian stock markets experienced a muted performance, following a significant decline in U.S. stocks on Friday, primarily due to a drop in technology shares amid growing global uncertainties and caution before the year-end holidays.

The S&P/BSE Sensex index slipped by 252 points, or 0.3%, reaching 78,447 in early trading. Similarly, the broader NSE Nifty index fell by 84 points, or 0.4%, to settle at 23,729.

IT sector stocks saw a downturn, with Wipro, HCL Technologies, and Infosys each dropping by over 1%.

Within other sectors, both Mahindra & Mahindra and Trent witnessed declines exceeding 1%. However, Adani Enterprises surged nearly 3% following a report projecting the company’s consolidated revenue to grow at a compounded annual growth rate (CAGR) of 17.5%, and net earnings by 45.8%, between the fiscal year 2023-24 (FY24) and FY27. Consequently, shares of Adani Ports, a group subsidiary, increased by nearly 2%.

Vodafone Idea soared more than 4% as favorable developments emerged regarding the waiver of bank guarantees and the resolution of a Rs. 11,650 crore debt.