Benchmarks snap five-day rally; Sensex tumbles over 600 points
Mumbai: Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets.
Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said. Profit-taking also came into play as the 30-share BSE Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16. During the day, it lost 722.79 points or 0.97 per cent to 73,616.65. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.
On a weekly basis, the BSE benchmark advanced 641.83 points or 0.87, and the NSE Nifty climbed 272.95 points or 1.23 per cent.
Bajaj Finance was the biggest drag on the Sensex chart, skidding nearly 8 per cent after the company's March quarter earnings failed to cheer investors. Bajaj Finserv also declined over 3 per cent. IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards.
Meanwhile, Tech Mahindra jumped over 7 per cent after the IT services company's CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.
Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers.
In the broader market, the BSE midcap gauge jumped 0.83 per cent, and the smallcap index climbed 0.27 per cent.
Among the indices, bankex declined 0.70 per cent, financial services (0.68 per cent), teck (0.26 per cent), auto (0.25 per cent) and telecommunication (0.15 per cent). Energy, healthcare, services and power were among the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European markets were trading in the green. Wall Street ended lower on Thursday. Global oil benchmark Brent crude climbed 0.31 per cent to $89.29 a barrel. The rupee declined 8 paise to close at 83.36 (provisional) against the US dollar on Friday. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,823.33 crore on Thursday, according to exchange data.
