BENGALURU: Indian shares opened lower on Friday, weighed down by information technology stocks, while Adani-backed Ambuja Cements surged on acquiring rival Penna Cement Industries.
The NSE Nifty 50 was down 0.20% at 23,353.05, while the S&P BSE Sensex shed 0.25% to 76,622.15, as of 9:26 a.m. IST.
The Nifty has gained about 0.3% so far this week, hitting record highs in three of the five sessions and building on the 3.4% jump last week after the results of the national elections ensured political continuity.
IT stocks dropped 0.75% after gaining 1% in the previous session on renewed expectations that US interest rate cuts are imminent.
Ten of the 13 major sectors logged losses. Ambuja Cements gained 2.5% after acquiring smaller rival Penna Cement Industries for 104.22 billion rupees ($1.25 billion), bolstering its presence in India’s southern region.
IT leads Indian shares to record closing highs on US rate outlook
The stock was the top gainer in the Nifty Next 50 index, which is up 0.5%.
The Nifty Next 50 represents 50 companies from Nifty 100 after excluding Nifty 50 companies.
The broader, more domestically-focussed small- and mid-caps, which also closed at record highs in the previous session, remained muted on the day.
Comments
Comments are closed for this article.