The benchmark equity market indices on the BSE and National Stock Exchange (NSE) ended over 1.5 per cent lower on Friday led by a selloff in banking, financial and information technology (IT) stocks.
The S&P BSE Sensex fell 535.86 points (1.68 per cent) to end at 31,327.22, while the Nifty 50 closed at 9,154.40, down 159.50 points (1.71 per cent). Both the indices had opened over 1.5 per cent lower earlier in the day and traded in the negative territory throughout the day.
On a weekly basis, the Sensex registered a fall of 0.83 per cent, while the Nifty declined 1.21 per cent during the week.
On the Sensex, Bajaj Finance, IndusInd Bank, Axis Bank, ICICI Bank, Housing Development Finance Corporation (HDFC) and Ultratech Cement were the top losers of the day. On the other hand, Reliance Industries (RIL), Sun Pharmaceutical Industries, Hero MotoCorp, Larsen & Toubro (L&T), Power grid and Bajaj Auto were the top gainers on Friday. (see heatmap below)
Coming to the sectoral indices on NSE, except the Nifty Pharma index, all other sectoral indices ended in the sea of red on Friday. The Nifty Bank index fell 3.36 per cent weighed by IDFC First Bank, IndusInd Bank and Axis Bank. The Nifty Financial Services index too declined 3.84 per cent dragged by Cholamandalam Investment and Finance Company and Mahindra & Mahindra Financial Services. Likewise, the Nifty IT index slipped 2.38 per cent taken down by Just Dial and NIIT Technologies.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index closed at 11,464.20, down 207.05 points (1.77 per cent), while the S&P BSE SmallCap settled at 10,633.54, down 151.50 points (1.40 per cent).
“Market shaved off today as winding up of a few debt schemes by a large fund house in India added to the selling pressure witnessed in Banks and NBFC stocks. Reliance and a few Pharma names were the only saving grace in today’s trade. Investors should have a clear asset allocation strategy to navigate the present volatility created by the Pandemic,” S Ranganathan, Head of Research at LKP Securities, said in a statement post market hours.
The rupee depreciated by 40 paise to settle at 76.46 (provisional) against the US dollar on Friday, tracking weak domestic equities and a strengthening greenback overseas, news agency PTI reported.
According to the report, forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial.
The rupee opened lower at 76.30 at the interbank forex market and then fell further to 76.47 and finally closed at 76.46, down 40 paise over its last close. The rupee had settled at 76.06 against the US dollar on Thursday.
Global shares fell on Friday, spurred by delays to an agreement on divisive details of the European Union’s stimulus package and doubts about progress in the development of drugs to treat COVID-19.
MSCI’s All Country World Index, which tracks stocks across 49 countries, was down 0.5 per cent and heading for its worst week in three, while MSCI’s broadest index of Asia-Pacific shares outside Japan shrank 0.9 per cent.
European stocks opened 1.4 per cent down, with London’s FTSE 100 shedding 1.3 per cent as data showed UK retail sales crashed in March.
– with global market input from Reuters
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