The equity benchmark Sensex dropped 155 points on Friday, with ICICI Bank, Reliance Industries and HDFC Bank losing their indices amid widespread negative signals from global markets.
The 30-share BSE index closed down 154.89 points or 0.31% at 49,591.32.
Similarly, the broader NSE Nifty slipped 38.95 points or 0.26% to end at 14,834.85.
The Bajaj Finance Sensex was the top 3% in the pack, followed by UltraTech Cement, NTPC, Axis Bank, ICICI Bank, IndusInd Bank, Reliance Industries, L&T and HDFC Bank.
On the other hand, Sun Pharma, HUL, Tech Mahindra and Drs. Reddy was among the beneficiaries.
Reliance Securities head strategy Binod Modi said, “Domestic equities created pressure from financials to sell pressure together with continued selling pressure. Further weak signals from Asian markets and rapid rise in COVID-19 cases across the country Hints. “
In the backdrop of the spike in new coronovirus cases, financial stocks continue to pick up on strong buying in pharma stocks, with hopes of improving sales volumes, he said, adding that the focus of IT stocks remained ahead of the results next week.
He said that cases of coronovirus in the country continue to grow rapidly and the resulting mobility restrictions are expected to weigh on investor sentiments in the near term. In addition, the recent weakness in the rupee may also raise investor concerns and adversely affect the flow of FPIs.
Elsewhere in Asia, nutrition in Shanghai, Hong Kong and Seoul ended in red, while Tokyo ended up with gains.
Europe’s top stock exchanges were largely trading on a negative note in mid-session deals.
Meanwhile, international oil benchmark Brent crude was trading 0.27% down at USD 63.03 a barrel.
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