The benchmark equity indices ended Friday’s trading session in negative territory giving up all the gains. The NSE Nifty 50 declined 115.85 points or 0.50% to settle at 23,089.50, while the BSE Sensex fell 305 points or 0.40% to end the day at 76,215.49.
Bucking the overall trend, the Nifty FMCG and IT stocks surged higher. The Nifty IT closed the counter up 0.40% and Nifty FMCG 0.52%.
Both the indices closed the week on a lower note. The Nifty 50 has fallen 0.5% in the last five trading days and Sensex 0.77%.
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The banking index, Nifty Bank closed the session 245 points or 0.50% at 48,344.45. The broader indices closed the counter lower on Friday, the Nifty Midcap 100 closed the session 1.61% lower at 53,226.85.
In the broader markets, micro- and small-cap stocks lost the most. The volatility index India VIX surged 0.29% to 16.75 level.
Dr Reddy’s Lab (4.9%), Trent (4.09%), M&M (3.03%), Adani Enterprises (2.97%), and BPCL (2.95%) were the major losers in the Nifty 50. Meanwhile, Hindustan Unilever, Britannia, Eicher Motors, Grasim Industries, and ICICI Bank were the top gainers in the Nifty 50.
“The market is haywire, with sentiment so weak that even results in line with expectations are triggering selloffs. While the broader market is under pressure, positively, large-cap stocks are showing some resilience,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Weakness in the market is being attributed to worries over a potential slowdown in corporate earnings, which overshadowed optimism around lower U.S. interest rates and stable oil prices,” said Vikram Kasat, Head of Advisory, PL Capital at Prabhudas Lilladher.
“From the taper tantrum to geopolitical risks, the Indian market has borne numerous challenges in its history,” said Nair.
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