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U.S. stocks dip slightly while Indian markets show mixed responses

EditorHari Govind
Published 20/11/2023, 01:36
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
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NEW YORK - U.S. stock markets ended marginally lower on Friday, with slight declines in major indices following the rally earlier in November. The S&P 500 edged down by 0.01%, the Nasdaq Composite fell by 0.25%, and the Dow Jones Industrial Average decreased by 0.08%. Concurrently, the U.S. dollar saw a reversal of its yearly gains. In commodity markets, Brent crude oil experienced a significant rise of 2.71%, reaching $79.52 a barrel, and gold prices increased modestly to $1,982.95 an ounce.

In contrast, India's equity markets presented a mixed picture, influenced by disparate sector performances. The Reserve Bank of India's concerns over consumer loan growth negatively impacted the banking and energy sectors, leading to declines in the Nifty Bank and Financial Services indices. However, gains in the fast-moving consumer goods (FMCG) and auto sectors helped buoy market sentiments.

The benchmark BSE Sensex fell by 188 points to close at 65,794.73, while the broader NSE Nifty declined by 33 points, ending at 19,731.80. This downturn coincided with foreign investors turning net sellers, offloading ₹477.8 crore (approx. $64 million) worth of stocks. Domestic investors also sold equities worth ₹565.5 crore (approx. $76 million), reflecting a cautious approach from market participants.

The Indian rupee experienced a marginal depreciation against the U.S. dollar, closing at an exchange rate of 83.27, as investor behavior remained cautious amid the financial market developments in both the U.S. and India.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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