Share Market News: Sensex Sinks 609 Points; Nifty Settles Below 22,420. Financial Drags
Share Market News: On the 30-share Sensex platform, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Nestle, Kotak Bank, M&M
Share Market News: The two key equity benchmarks, Sensex and Nifty, on Friday snapped 5-day winning streak and closed in the red. The S&P BSE Sensex declined 609 points to close at 73,730. On the other hand, the NSE Nifty50 ended at 22,420, down 150 points.
Stock upate
On the 30-share Sensex platform, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Nestle, Kotak Bank, M&M. On the flip side, TechM was the lead gainer, rising 7.34 per cent, followed by Wipro, ITC, UltraCemco, Titan, Axis Bank.
In the broader markets, the BSE Midcap and Smallcap indices closed 0.83 per cent and 0.27 per cent higher, respectively.
Sectoral update
Sectorwise, barring auto, bank, metal, and pharma all other indices closed in the red. Nifty Financial index ended 0.74 per cent lower, followed by the Nifty Bank index (down 0.41 per cent).
In the previous session on Thursday, the BSE benchmark jumped 487 points to end at 74,339.44, while the NSE Nifty50 rose 168 points to 22,570.
"The fall was on expected lines as both the benchmark indices had rallied for five straight sessions, and profit-taking has been due for some time. Correction is also attributed to global factors after the Japanese Yen fell to a new 34-year low and disappointing US data pushed its benchmark yields to over 4.7 per cent, thus worsening hopes of an interest rate cut in the medium term," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global market update
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the positive territory. European markets were trading in the green. Wall Street ended lower on Thursday.
Global oil benchmark Brent crude climbed 0.31 per cent to $89.29 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,823.33 crore on Thursday, according to exchange data.
Rupee dips 7 paise
Meanwhile, the Indian rupee dropped 7 paise to close at 83.35 (provisional) against the US dollar on Friday as a strengthening American currency overseas and a selloff in domestic equities weighed on the local unit. Besides, rising crude prices in the international market and risk-averse sentiment dragged the local unit down, forex traders said.
At the interbank foreign exchange market, the local unit opened strong at 83.30 and moved in the range of 83.30-83.36 during the session. The local currency finally settled at 83.35 (provisional) against the dollar, registering a fall of 7 paise from its previous close. In the previous session, the rupee closed at 83.28 against the US dollar.
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