Markets snap winning run as pre-Christmas rally fizzles out

Mumbai: Equity indices nursed losses on Friday after a three-session rising streak as selling in banking, finance and power stocks offset continued outperformance by the IT pack.

Unabated selling by foreign investors and a muted trend overseas also weighed on bourses, traders said.

After a choppy session, the 30-share BSE Sensex ended 190.97 points or 0.33 per cent lower at 57,124.31. Similarly, the NSE Nifty declined 68.85 points or 0.40 per cent to 17,003.75.

NTPC was the top loser in the Sensex pack, shedding 2.69 per cent, followed by PowerGrid, M&M, Axis Bank, Kotak Bank, UltraTech Cement and Dr Reddy's.

On the other hand, HCL Tech, Tech Mahindra, Asian Paints, Wipro, Infosys and Reliance Industries were among the gainers, surging up to 3.08 per cent.

During the week, the Sensex advanced 112.57 points or 0.10 per cent, while the Nifty inched up 18.55 points or 0.10 per cent.

Sectorally, BSE power, utilities, realty, oil and gas, capital goods, bankex and finance indices finished up to 2.04 per cent lower on Friday, while IT and teck indices ended with gains. Broader BSE midcap and smallcap indices lost as much as 1.15 per cent.

Global equities were mixed in holiday-thinned trade, while investors monitored the Omicron situation.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai and Tokyo were in the red.

Stock exchanges in Europe were trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude dipped 0.10 per cent to $76.52 per barrel.