Stock benchmarks open lower dragged by IT; Bihar election results in focus

The equity benchmarks opened lower on Friday (November 14) as investors booked profits after a recent rally, while information technology stocks declined on fading hopes of a near-term US rate cut.

Markets may see heightened volatility this session as the Bihar state election results trickle in.

Early trends show the ruling National Democratic Alliance, which includes Prime Minister Narendra Modi's party, in the lead.

The BSE Sensex shed 0.30 per cent to 84,211.55, while Nifty 50 slipped 0.34 per cent to 25,790.55, as of 9.20 am IST.

Eleven of the 16 major sectors logged losses. IT companies, which earn a significant share of their revenue from the US, fell 0.8 per cent as hawkish comments from Federal Reserve officials doused hopes for a rate cut in December.

The broader small-caps and mid-caps traded flat.

Both the benchmarks gained about 1.5 per cent each in the last four sessions.

(with inputs from agencies)