On a weekly basis, the Sensex lost 1,141.78 points, or 1.95%, while the Nifty lost 303.70 points, or 1.73%.
On a weekly basis, the Sensex lost 1,141.78 points, or 1.95%, while the Nifty lost 303.70 points, or 1.73%.
Stock markets came under selling pressure on Friday after a two-day rally as selling in IT, banking and energy stocks emerged amid bearish trends overseas after the US Federal Reserve issued hawkish comments.
A sharp fall in the rupee and unabated outflows of foreign funds contributed to the somber mood, analysts said.
The BSE benchmark Sensex fell 714.53 points, or 1.23%, to end at 57,197.15. The broader NSE Nifty fell 220.65 points, or 1.27%, to 17,171.95.
SBI was the biggest laggard in the 30 Sensex-stock pack, down 3.08%, followed by HUL, IndusInd Bank, Dr. Reddy’s, Axis Bank, Bajaj Finserv, Infosys and ICICI Bank.
On the other hand, M&M, Bharti Airtel, Maruti Suzuki, Asian Paints, ITC and HCL Technologies were the winners, rising 0.98%.
“This overly volatile market with no clear direction is being impacted by two factors on a daily basis – one external and two internal. The external factor is the erratic movement in the parent US market, where the S&P 500 and Nasdaq are up about 2% in one day and down about 2% the next.
“The internal factor driving the market is the back and forth between FIIs and DIIs. Both these external and internal factors are now unpredictable and therefore the market is directionless volatile,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Service .
On a weekly basis, the Sensex lost 1,141.78 points, or 1.95%, while the Nifty lost 303.70 points, or 1.73%.
“Indian equity markets have been bouncing back and forth for the past few days after a healthy pullback from geopolitical crisis-induced lows in early March. While the headline indices appear to be in a mode of consolidation, the greater activity appears to have shifted to the broader markets…
“Markets appear to be somewhat cautiously positioned as the fourth quarter FY22 earnings season has got off to a mixed start, with minor disappointments from some large sector majors. As such, investors may prefer to await further results release and hear from accompanying commentary to gauge if there are concerns about creeping earnings cuts,” said Milind Muchhala, Executive Director, Julius Baer.
In the broader market, the BSE midcap gauge fell 0.71% and the smallcap index fell 0.38% in Friday’s session.
As many as 1,956 shares fell while 1,451 rose and 124 remained flat.
All BSE sector indices settled lower with banks falling the most at 2.19%, followed by metals (2.17%), financials (1.70%), health care (1.57%) and materials (1, 45%).
Global stocks tumbled after US Federal Reserve Chair Jerome Powell announced a 50 basis point rate hike in May to curb skyrocketing inflation.
Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul settled lower while Shanghai ended marginally higher.
Markets in Europe traded lower in the afternoon session.
Stocks in the US closed lower on Thursday.
Meanwhile, international oil benchmark Brent crude fell 1.60% to $106.6 a barrel.
The rupee fell 32 paise to close at 76.49 (prelim) against the US dollar on Friday amid a firm dollar in global markets.
Overseas institutional investors continued their selling spree, selling ₹713.69 crore of shares on Thursday, according to stock market data.
