Markets end modestly lower as RIL, IT stocks weigh
Mumbai: Equity indices closed marginally lower after a choppy session on Friday, dragged by losses in Reliance Industries and IT counters despite a firm trend in global markets.
Investors also remained on the sidelines ahead of the release of Q2 GDP data, traders said.
The 30-share BSE Sensex closed 110.02 points or 0.25 per cent lower at 44,149.72. The broader NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.
PowerGrid was the top laggard in the Sensex pack, shedding 2.63 per cent, followed by HCL Tech, ONGC, Axis Bank, TCS, M&M, Reliance Industries and Infosys.
On the other hand, Asian Paints, Titan, Tech Mahindra, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers, spurting up to 2.85 per cent.
During the week, the Sensex advanced 267.47 points or 0.60 per cent, while the Nifty gained 109.90 points or 0.85 per cent.
Global markets remained in the positive territory on Friday, shrugging off questions surrounding the trial data of AstraZeneca's COVID-19 vaccine candidate.
"Today's market momentum was driven by uncertainty related to efficacy of COVID vaccine and expectation of Q2 GDP data. Although GDP is expected to improve compared to the previous quarter, the recovery in Indian economy is likely to be lower in comparison to its global
peers.
"Recently, broader markets are outperforming main benchmark showing a shift in demand to mid and small cap. From these high levels, for the market to stay resilient and mid-caps to outperform, the economy has to normalise and more stimulus has to be announced, which will take some more time based on the government's plan and availability of vaccine," said Vinod Nair, Head of Research at Geojit Financial
Services.
Sector-wise, BSE energy, teck, IT and telecom indices lost up to 1.06 per cent, while realty, consumer durables, auto, utilities and healthcare closed with gains.
Stock exchanges in Europe were largely trading with gains in early deals.
Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.67 per cent higher at $48.11 per barrel.
The rupee snapped its five-day winning streak to finish 17 paise lower at 74.05 against the US dollar on Friday.
