Indian stock market ends lower with Sensex down 502 pts, ₹2.6 lakh cr washed away
The Indian stock market ended in negative territory on Friday with market capitalisation of BSE-listed companies declining by ₹2.61 lakh crore. Persistence FII outflows due to trade deal concerns have also played a role in dragging down markets.Sensex ended the session at 81,757.73, down 501.51 points or 0.61% against last day's closing of 82,259.24. The 30-share index started the session in the negative territory at 82,193.62 and dragged down further to hit an intra-day low at 81,608.13 amid selling pressure in banking heavyweights like Axis Bank and HDFC Bank, and Kotak Bank.According to reports, the total market capitalisation of BSE-listed companies declined by ₹2.61 lakh crore.Nifty settled at 24,968.40, down 143.05 points or 0.57%.“A broad-based sell-off was observed in the national market amidst a disappointing initial set of earnings from the finance and IT sectors," said Vinod Nair, Head of Research, Geojit Investments Limited."Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, have contributed to a cautious sentiment among investors," he added.From the Sensex basket, Axis Bank, BEL, Kotak Bank, HDFC Bank, Bharti Airtel, Titan, Eternal, Tech Mahindra, and Asian Paints were the biggest losers. Bajaj Finance, Tata Steel, ICICI, Bank HCL settled in positive territory.Meanwhile, 33 stocks declined and 17 advanced from the Nifty50.All broader indices concluded the session in red, amid selling pressure. Nifty Next 50 fell 486 points, Nifty Midcap 100 declined 414 points, and Nifty Smallcap 100 dropped 157 points.Notably, due to global uncertainties, the stock market has remained sluggish for the past two consecutive weeks. On Friday, at the end of the week, the Sensex opened with a slight decline and at one point dropped by 586.2 points. At 10.40 am, it was trading down by 515.72 points at 81,743.52. Investors witnessed a decline of ₹3 lakh crore in market capitalisation.The Nifty also fell by 171.40 points and was trading at 24,944.35. The Bank Nifty was down by 564 points. Out of the Nifty 50 stocks, 43 were trading in the red while only seven were trading in the green.Sectoral indices followed suit as well, with Nifty Bank plunging nearly 1% to 545 points, Nifty FMCG falling 336 points, and Nifty Fin Services was down 253 points. At the same time, Nifty IT settled flat.Rupee trades lower by 0.07% as crude prices continue their upward rally in recent sessions, adding pressure on the domestic currency.Weak sentiment in capital markets further weighed on the rupee, while positive cues from the dollar index kept it under sustained pressure, said experts.Moreover, additional tariff threats are also casting a shadow on India over its trade relationship with Russia.Participants are advised to avoid aggressive directional trades and adopt a hedged approach, with a focus on stock selection based on earnings performance, said analysts.(With inputs from syndicated feed)
The Indian stock market ended in negative territory on Friday with market capitalisation of BSE-listed companies declining by ₹2.61 lakh crore.
Persistence FII outflows due to trade deal concerns have also played a role in dragging down markets.
Sensex ended the session at 81,757.73, down 501.51 points or 0.61% against last day's closing of 82,259.24. The 30-share index started the session in the negative territory at 82,193.62 and dragged down further to hit an intra-day low at 81,608.13 amid selling pressure in banking heavyweights like Axis Bank and HDFC Bank, and Kotak Bank.
According to reports, the total market capitalisation of BSE-listed companies declined by ₹2.61 lakh crore.
Nifty settled at 24,968.40, down 143.05 points or 0.57%.
“A broad-based sell-off was observed in the national market amidst a disappointing initial set of earnings from the finance and IT sectors," said Vinod Nair, Head of Research, Geojit Investments Limited.
"Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, have contributed to a cautious sentiment among investors," he added.
From the Sensex basket, Axis Bank, BEL, Kotak Bank, HDFC Bank, Bharti Airtel, Titan, Eternal, Tech Mahindra, and Asian Paints were the biggest losers. Bajaj Finance, Tata Steel, ICICI, Bank HCL settled in positive territory.
Meanwhile, 33 stocks declined and 17 advanced from the Nifty50.
All broader indices concluded the session in red, amid selling pressure. Nifty Next 50 fell 486 points, Nifty Midcap 100 declined 414 points, and Nifty Smallcap 100 dropped 157 points.
Notably, due to global uncertainties, the stock market has remained sluggish for the past two consecutive weeks. On Friday, at the end of the week, the Sensex opened with a slight decline and at one point dropped by 586.2 points. At 10.40 am, it was trading down by 515.72 points at 81,743.52. Investors witnessed a decline of ₹3 lakh crore in market capitalisation.
The Nifty also fell by 171.40 points and was trading at 24,944.35. The Bank Nifty was down by 564 points. Out of the Nifty 50 stocks, 43 were trading in the red while only seven were trading in the green.
Sectoral indices followed suit as well, with Nifty Bank plunging nearly 1% to 545 points, Nifty FMCG falling 336 points, and Nifty Fin Services was down 253 points. At the same time, Nifty IT settled flat.
Rupee trades lower by 0.07% as crude prices continue their upward rally in recent sessions, adding pressure on the domestic currency.
Weak sentiment in capital markets further weighed on the rupee, while positive cues from the dollar index kept it under sustained pressure, said experts.
Moreover, additional tariff threats are also casting a shadow on India over its trade relationship with Russia.
Participants are advised to avoid aggressive directional trades and adopt a hedged approach, with a focus on stock selection based on earnings performance, said analysts.
(With inputs from syndicated feed)
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