BTN News: Indian equity benchmark indices, BSE Sensex and Nifty50, ended lower in Friday’s trading session. The markets opened higher and had a decent run but gave way before the end of the day to close in the red. This week, like several in recent weeks, markets have been very volatile as traders react to news around the world and closer to home.
The Sensex, which opened over 200 points or 0.23 per cent higher at 77,650.48 in opening deals, corrected a massive 600 points thereafter before settling at 77,209.57 – down by 268.78 points. The NSE Nifty50, also new high flying in the morning to 23,627.10, failed to keep above 23,450 and locked the day at 23,501.
Key Market Movements
Tech Shares Surge, Bank Stocks Underperform Top gainers were tech majors like Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services and Wipro followed by Power Grid, Reliance and Bharti Airtel. At the same time, Axis Bank Kotak Mahindra Bank and Sun Pharma, ended in red while HDFC Bank fell after remaining on the green for most part of the session, indicating sector-specific rallies.
In terms of sectoral indices, BSE Midcap was up 0.2 %, while SmallCap index surged by 0.2 %. The Nifty Midcap 100 index also fell, ending down by 99 points to 55,375.30 or 0.18 per cent. Such discrepancy highlights there are significant variations in sentiment across the investors and different market segments.
Global Market Influence
Both Hong Kong and Shanghai investors pulled the main indices more than 0.5% lower, while in Seoul, Wellington and Taipei shares dropped around half a percent and Manila shed 0.4%. Singapore, Sydney and Jakarta markets rose while Tokyo was flat. Another factor in the cautious trading were mixed performances from US stock markets overnight, with Nvidia plummeting 3.5 percent on Thursday.
In the earlier week markets
On Thursday, the 30-share BSE Sensex had risen by 141.34 points or 0.18 per cent to settle at an all-time high of 77,478.9 after posting gains for six successive sessions. It also touched an intraday high of 77,643.09 (up 305.5) or 0.39 %. Similarly, NSE Nifty concluded at a new closing high, advancing 51 points or 0.22 percent to settle at 23,567, and posted intra-day high of 23,624 and gave 108 points or 0.45 percent gain.
Outlook
The stock market weakness in India appears to indicate a global uncertainty driven by weak international markets and fragile domestic economic indicators along with the election heat. The investors have been particularly warned to follow developments in the international and local markets, which they are being kept an eye on.
