Markets snap 3-day winning run on selloff in IT & banking stocks, Sensex falls over 400 pts

Mumbai: Key benchmark indices Sensex and Nifty slipped into negative territory on Friday after a three-day rally, dragged by intense selling pressure in IT, banking and financial stocks.

In a volatile session, the 30-share benchmark declined 423.49 points or 0.55 per cent to settle at 76,619.33. Similarly, the NSE Nifty dropped 108.60 points or 0.47 per cent to 23,203.20.

On the weekly front, the BSE benchmark tanked 759.58 points or 0.98 per cent, and the Nifty declined 228.3 points or 0.97 per cent.

From the 30-share blue-chip pack, Infosys dropped nearly 6 per cent despite raising its annual sales forecast for a third time this fiscal year. Axis Bank also declined by over 4 per cent post-earnings announcement.

Kotak Mahindra Bank, Tata Consultancy Services, Mahindra & Mahindra, ICICI Bank, Tech Mahindra, Bajaj Finance, HDFC Bank and Bajaj Finserv were the other big laggards from the pack.

In contrast, Reliance Industries climbed 2.50 per cent. Zomato emerged as the biggest gainer, followed by Reliance, Nestle, Asian Paints and Power Grid.

The BSE midcap gauge went up by 0.04 per cent, and smallcap index eked out a marginal gain of 0.01 per cent.

BSE Focused IT declined 2.57 per cent, IT (2.48 per cent), teck (2.15 per cent), bankex (1.83 per cent) and financial services (1.18 per cent). On the other hand, healthcare, energy, realty, metal, capital goods, and industrials, among others, were the gainers.

The rupee traded in a tight range and settled just 1 paisa higher at 86.60 against the US dollar on Friday.