Indian benchmark indices ended lower on Friday but recovered from their intraday lows as buying emerged in IT, FMCG and banking stocks. Global equities remained under pressure.
The Sensex slipped 120.83 points, or 0.16 per cent, to 74,781.76. The Nifty declined 79.70 points, or 0.34 per cent, to 23,398.10.
Hindalco Industries, JSW Steel and Tata Steel led the Nifty gainers. Weakness across several major sectors, however, kept the broader market subdued.
The Nifty MidCap index dropped 0.26 per cent, while the Nifty SmallCap index fell 0.58 per cent.
NSE sectoral indices delivered a mixed performance. Nifty Metal and Nifty Realty recorded the sharpest declines.
Nifty Private Bank and Nifty IT ranked among the strongest performers and provided support to the headline indices.
Market experts said global equity weakness and continued selling in select sectors continued to weigh on domestic sentiment.
“While elevated crude prices, foreign outflows, and geopolitical uncertainty may keep volatility high, resilient domestic fundamentals and strong institutional support continue to attract buying at lower levels, limiting downside risks and supporting the medium-term outlook,” market watchers said.
“Higher producer inflation and strong US economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining FII outflows,” analysts stated.
The Indian rupee extended its decline for a fourth straight session. It recorded its steepest weekly loss since May 15 amid surging crude prices and rising bond yields.
“In the near term, spot USDINR faces resistance at 95.80, with strong support positioned around 95.15, paving the way for a phase of consolidation following the recent sharp upward surge,” market experts added.
Also Read: Stock Market Today: Sensex Falls Nearly 600 Points, Nifty Opens Below 23,300 On Weak Global Cues
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