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2 Minutes Read (Reuters) – BENGALURU (Reuters) – On Friday, Indian equities fell from record highs as investors clung to gains in technology firms, offsetting advances in metal and pharmaceutical stocks. On November 4, 2020, people walk through the Bombay Stock Exchange (BSE) building in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas The NSE Nifty 50 index was up 0.04 percent at 15,931.20 by 0439 GMT, while the S&P BSE Sensex was up 0.02 percent at 53,171.13. Both indices have gained more than 1% this week, putting them on course for their first weekly gain in three weeks. “We expect all dips to be bought into amid range-bound movement,” said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors in Mumbai. “However, with so many huge IPOs coming in, liquidity may be transferred there, and investors are very cautious at these levels,” he said. Several Indian firms have announced ambitions to go public in order to take advantage of foreign capital’ liquidity. Paytm, a digital payments firm, has filed for an initial public offering (IPO) for up to 166 billion rupees ($2.23 billion), according to draft papers filed with India’s stock exchange. The Nifty IT index declined 0.86 percent on Friday after rising 3.68 percent this week through Thursday’s end. “The fundamentals of top IT companies are really strong, and we are highly bullish on this sector. On days like this, it’s a good idea to buy into drops in these equities “Dasgupta explained. Steel makers Tata Steel and JSW Steel led the Nifty Metal index higher by 0.62 percent, a day after the world’s largest producer China reported a drop in crude steel output. The Nifty Pharma index achieved an all-time high after closing 0.27 percent lower on Thursday. Angel Broking’s stock soared 11% to an all-time high after the stockbroker’s consolidated profit more than doubled in the June quarter. Asian markets were headed lower on profit-taking in Taiwanese chip giant TSMC, weighing on other tech businesses and broader risk sentiment, dampening trading confidence. 74.5140 Indian rupees = $1 Shivani Singh contributed reporting from Bengaluru, and Uttaresh.V. edited the piece./nRead More

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