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Markets extend losses as IT, bank stocks skid

Markets extend losses as IT, bank stocks skid
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Mumbai: Equity benchmarks treaded lower for the second straight day on Friday, weighed by losses in IT and bank stocks, as investors baulked at expanding their portfolios amid stretched valuations and growth concerns.

After trading on a weak note through the day, the 30-share BSE Sensex ended 215.76 points, or 0.53 per cent, lower at 40,359.41.

Similarly, the broader NSE Nifty settled 54 points, or 0.45 per cent, down at 11,914.40.

During the week, the Sensex inched up 2.72 points, while the Nifty gained 18.95 points.

Infosys was the top loser in the Sensex pack on Friday, dropping 2.89 per cent, followed by TCS, Asian Paints, Bharti Airtel and HCL Tech.

IT stocks came under selling pressure following reports of changes in US work visa requirements aimed at protecting American workers, traders said.

On the other hand, Tata Steel gained 3.74 per cent, NTPC 2.35 per cent, Vedanta 2.27 per cent and ONGC 2.18 per cent.

Sectorally, BSE IT, teck, telecom, capital goods, bankex, industrials and consumer durables fell up to 2.21 per cent.

On the other hand, metal, power, utilities, basic materials, energy and auto gained up to 2.08 per cent.

Broader BSE midcap and smallcap indices fell up to 0.14 per cent.

On the global front, equities ticked higher even as the US-China trade tensions remained an overhang.

In Asia, bourses in Hong Kong, Tokyo and Seoul settled in the green, while Shanghai finished with losses.

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