Indian benchmark equity indices finished lower on Friday as sustained selling in financial and private banking stocks, along with escalating geopolitical concerns, dampened investor confidence.
Although the broader market remained comparatively steady, weakness in heavyweight financial counters dragged the key indices into negative territory.
The Sensex tumbled 455.59 points, or 0.58 per cent, to close at 78,499.17. The Nifty slipped 65.35 points, or 0.27 per cent, to settle at 24,570.65.
Market analysts said the 24,600-24,700 range continues to act as a critical resistance zone for the Nifty. They added that 24,500 remains the immediate support level.
A decisive breach below this mark could trigger fresh profit booking and pull the index towards the 24,400-24,300 range.
Investor sentiment stayed cautious throughout the trading session as participants reduced exposure to financial shares.
The Nifty Financial Services and Nifty Private Bank indices emerged as the weakest sectoral performers, placing considerable pressure on the broader market.
Among the Nifty constituents, Bajaj Finance, Bajaj Finserv and Trent recorded the steepest losses, significantly contributing to the benchmark’s decline.
Despite weakness in the frontline indices, the broader market displayed resilience.
The Nifty MidCap index advanced 0.22 per cent, while the Nifty SmallCap index edged down 0.05 per cent.
Auto and information technology stocks offered some relief.
The Nifty Auto and Nifty IT indices finished as the strongest sectoral gainers, helping restrict overall losses.
Market experts said geopolitical uncertainty fuelled a risk-off sentiment, overshadowing gains in select sectors. They added that SBI’s robust performance, supported by healthy credit growth, improving asset quality and resilient margins, strengthened confidence in the banking and PSU banking segments, providing meaningful support to the broader market outlook.
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