Markets end lower post RBI rate cut, non-stop foreign fund outflow dents investors’ sentiment

Mumbai: Equity benchmark indices Sensex and Nifty ended lower on Friday as the RBI’s rate cut did not spring any major surprise for the markets and investors turned to profit-taking amid foreign fund outflows.

Registering its third day of decline, the 30-share BSE benchmark Sensex dropped 197.97 points or 0.25 per cent to settle at 77,860.19, in a volatile trade.

The NSE Nifty declined 43.40 points or 0.18 per cent to 23,559.95.

From the 30-share blue-chip pack, the stock of ITC dipped over 2 per cent after the diversified entity reported a 7.27 per cent decline in consolidated net profit to Rs 5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs.

State Bank of India, Adani Ports, Tata Consultancy Services, ICICI Bank, Reliance Industries and PowerGrid were also among the laggards.

Among the gainers, Tata Steel jumped over 4 per cent. Bharti Airtel’s stock surged nearly 4 per cent after the firm reported a more than five-fold jump in consolidated net profit to Rs 16,134.6 crore boosted by consolidation of the Indus Tower business and benefits of tariff hikes flowing into the quarter. Zomato, Mahindra & Mahindra, UltraTech Cement and Tech Mahindra were also the other gainers.

The BSE smallcap gauge declined 0.68 per cent while BSE midcap index climbed 0.13 per cent.

Among BSE sectoral indices, oil & gas dropped 1.31 per cent, FMCG (1.25 per cent), energy (1.07 per cent), industrials (0.73 per cent) and services (0.62 per cent).

BSE Telecom jumped 2.64 per cent, metal (2.40 per cent), consumer durables (1.23 per cent), commodities (0.87 per cent), auto (0.64 per cent), teck (0.46 per cent) and realty (0.36 per cent).

As many as 2,402 stocks declined while 1,520 advanced and 142 remained unchanged on the BSE.

On the weekly front, the BSE benchmark climbed 354.23 points or 0.45 per cent, and the Nifty went up by 77.8 points or 0.33 per cent.