Markets decline amid heavy selling pressure in banking, financial and energy stocks

Mumbai: In a volatile trade, equity benchmark indices Sensex and Nifty declined on Friday, dragged down by heavy selling pressure in banking, financial and energy stocks amid mixed cues from global markets.

However, lower global crude prices and fresh foreign capital inflows helped the indices restrict the losses, as per traders.

After two sessions of gains, the 30-share BSE Sensex declined 187.75 points or 0.28 per cent to settle at 65,794.73. During the day, it fell 342.74 points or 0.51 per cent to 65,639.74. The Nifty skidded 33.40 points or 0.17 per cent to 19,731.80.

Among the Sensex firms, State Bank of India fell 3.64 per cent, followed by Axis Bank (3.03 per cent).

Bajaj Finance, ICICI Bank, Bajaj Finserv, IndusInd Bank, Infosys, Kotak Mahindra Bank, Wipro, and Reliance Industries were among the other laggards.

On the other hand, Larsen & Toubro, Hindustan Unilever, Power Grid, Asian Paints, Nestle and Mahindra & Mahindra were the major gainers.

In the broader market, the BSE smallcap gauge climbed 0.36 per cent, and midcap gained 0.27 per cent.

Among the indices, bankex fell 1.48 per cent, oil & gas dropped 1.35 per cent, financial services declined 0.83 per cent, and IT dipped 0.10 per cent.

The rupee declined by 4 paise to 83.27 against the US dollar on Friday as a firm greenback in the overseas markets and losses in domestic equities weighed on investor sentiment.