Share market news: The benchmark indices of the BSE and the National Stock Exchange (NSE) closed over 1% lower on Friday, weighed down by a fall in market heavyweight Reliance Industries (RIL) and financial stocks.
The S&P BSE Sensex fell 651.85 points (1.08%) to end at 59,646.15, while the Nifty 50 fell 198.05 points (1.10%) to settle at 17,758.45. Both indices had opened on a flat note with a positive bias earlier in the day, but soon declined during late morning deals and remained in the red throughout the session. During intraday trade, the Sensex touched a low of 59,474.57 and the Nifty touched 17,710.75.
Only three stocks out of the 30-component Sensex ended in the green. IndusInd Bank, Bajaj twins Bajaj Finserv and Bajaj Finance, Tata Steel, State Bank of India (SBI), Maruti Suzuki India, RIL, NTPC, Hindustan Unilever (HUL) and Mahindra & Mahindra (M&M) were the top losers on Friday . Only Larsen & Toubro (L&T), Infosys and Tata Consultancy Services (TCS) managed to finish in positive territory.
Across sectors, the Nifty Bank index fell 1.69%, Nifty Financial Services fell 1.58% and Nifty Auto fell 1.41%.
In the broader market, the S&P BSE MidCap fell 320.94 points (1.27%) to end at 24,965.57 and the S&P BSE SmallCap fell 263.19 points (0.93%) to 28,175 ,38. The NSE Volatility Index, India VIX rose 5.38 percent to 18.2850.
“Profit booking amid weak global indices weighed on domestic indexes as concerns about interest rate hikes hovered over markets. Additionally, the recent rally in the dollar index and IIFs that have turned net sellers has taken the bulls by surprise. Broad selling was seen with the index heavyweights dragging the index lower,” said Vinod Nair, head of research at Geojit Financial Services.
Global Markets (from Reuters)
European stock indexes fell on Friday after German producer prices saw their biggest rise on record, while the dollar hit a one-month high as investors remained cautious.
Asian stocks had struggled to find direction, with concerns about the health of China’s economy weighing on sentiment, and at 0820 GMT, the MSCI World Equity Index, which tracks stocks of 47 countries, was down 0.3 percent on the day.
Europe’s STOXX 600 fell 0.4% on the day, also on track for a weekly decline of 0.4%.