Stock Market Closing: Nifty at 17,617, Sensex ends 427 points lower on last trading day of week; IT and Pharma decline, auto, FMCG gain
Dragged by financial, IT and pharma shares, domestic equity markets ended lower on Friday for the fourth straight day amid weak global cues and FIIs relentless selling pressure
Dragged by financial, IT and pharma shares, domestic equity markets ended lower on Friday for the fourth straight day amid weak global cues and FIIs relentless selling pressure. The Nifty50 remained below 17, 700 as the index declined by 139.85 (-0.79%) to end at 17,617.15.
The 30-share Sensex settled at 59,037.18 after losing 427.44 points or 0.72% on Friday
Bajaj Finserv declined more than 5% on Friday. Tech Mahindra, Shree Cement, Divis Labs, Coal India, Tata Steel, Bharti Airtel, IndusInd Bank, Dr Reddy's, Infosys, L&T and Axis Bank were other shares that declined the most.
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Bajaj Auto, Hindustan Unilever, Nestle India, Maruti, Hero MotoCorp, HDFC Limited, HDFC Bank, TCS and Kotak Bank gained in a bearish market.
All broader market indices closed in the red, while except auto and FMCG, other sectoral indices too ended lower on Friday.
"Indian equity markets corrected this week in line with the global market sell-off. The rise in the US bond yields and the expected tightening of monetary policy by Central Banks is weighing on investor sentiments. BSE 30 and NSE 50 index corrected by ~3% this week," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
FII turned out to be a net seller in the January month till date in India. Inflationary pressure, monetary policy tightening, rising bond yields, higher crude oil prices are some key challenges for the global markets were other factors.
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03:38 PM IST