The Indian stock market closed lower on Friday, with benchmark indices falling sharply amid broad-based selling pressure. Weak sentiment prevailed as the Sensex fell 721.08 points or 0.88% to settle at 81,463.09.
The index opened at 82,066.76, lower than the previous close of 82,184.17, and hit an intraday low of 81,397.69, down over 950 points at one stage.
The Nifty 50 also ended in the red, losing 225.10 points or 0.90% to close at 24,837.00. The UK-India Free Trade Agreement failed to boost investor confidence, with markets slipping throughout the session.
Ashika Institutional Equities noted persistent weakness across sectors, including Media, Energy, Oil & Gas, PSU Bank, Auto, and IT. The market remained firmly risk-off, weighed down by sector-specific headwinds and technical breakdowns of key index levels.
Selling was widespread, not just limited to heavyweights but also dragging the broader market lower.
Bajaj Finance, Tech Mahindra, Bajaj FinServ, Infosys, Trent, Tata Motors, NTPC, Maruti Suzuki, SBI, Tata Steel, and HCL Tech were the major losers on the Sensex. Only Sun Pharma and Bharti Airtel ended in green.
Among Nifty50 stocks, 43 declined while only 7 advanced.
Broader indices witnessed deeper cuts. Nifty 100 slipped 259 points or 1%. Nifty Midcap 100 fell 951 points or 1.61%, and Nifty Smallcap 100 dropped 392.35 points or 2.10%.
Sectoral indices followed suit. Nifty Bank fell 537 points or 0.94%, Nifty Financial Services dropped 238 points or 0.88%, while Nifty Auto and Nifty IT both shed 305 points or 1.27%.
The rupee also weakened, slipping below 86.50 against the US dollar with a 0.13% decline. A stronger dollar, trading near 97.68, and profit-booking in equities pressured the currency.
“Market focus now shifts to next week’s US Federal Reserve interest rate decision. Mixed expectations persist amid US government pressure for a rate cut,” said Jateen Trivedi of LKP Securities. He expects the rupee to trade between 86.00 and 87.00 in the near term.
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