Sensex declines 390 pts amid heavy selling in IT & energy stocks despite positive global trends

Mumbai: Equity benchmark Sensex declined nearly 390 points on Friday, pressured by heavy selling in IT and energy stocks despite a positive trend in global markets.

Rising crude oil prices and relentless foreign capital outflows further weighed on sentiment, traders said.

The 30-share BSE Sensex opened strong but came under severe selling pressure to close 389.01 points or 0.62 per cent lower at 62,181.67. Similarly, the broader NSE Nifty declined 112.75 points or 0.61 per cent to 18,496.60.

HCL Tech was the top loser in the Sensex pack, skidding 6.72 per cent, followed by Tech Mahindra, Infosys, Wipro, TCS and Reliance Industries.

On the other hand, Nestle India, Titan, Sun Pharma, Dr Reddy's, IndusInd Bank and ITC were among the gainers, advancing up to 2.24 per cent.

On a weekly basis, the Sensex lost 686.83 points or 1.09 per cent, while the Nifty shed 199.50 points or 1.06 per cent.

Sector-wise, BSE IT, metal and teck lost as much as 2.98 per cent on Friday, while healthcare and bankex logged gains.

In the broader markets, the BSE midcap and large-cap gauges slipped up to 1 per cent.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,131.67 crore, according to exchange data.

Meanwhile, international oil benchmark Brent crude rose 0.05 per cent to $76.19 per barrel. The rupee appreciated by 10 paise to close at 82.28 against the US dollar on Friday, tracking the weakening of the American currency in the overseas

market.