Stock Market: Sensex Falls 260 Points, Nifty Around 18,650 On Weak Cues. Metals, IT Top Losers

Stock update: On the 30-share Sensex platform, Tata Motors, SBI, PowerGrid, Tata Steel, Infosys, Titan settled in the red

The two key equity benchmarks, Sensex and Nifty, on Friday ended lower for the second consecutive session tracking weak global sentiment. The S&P BSE Sensex dropped 260 points to 62,979, closing below the 63,000-mark. On the other hand, the NSE Nifty50, too, fell 105 points to 18,665. The indices hit intra-day lows of 62,874, and 18,647, respectively.

On the 30-share Sensex platform, Tata Motors, SBI, PowerGrid, Tata Steel, Infosys, Titan settled in the red. On the flipside, IndusInd Bank, Airtel, Asian Paints, NTPC, HCL, HDFC, Sun Pharma were the only gainers.

Among specific stocks, shares of Adani Group companies were under pressure, falling up to 6 per cent on the BSE in Friday’s intra-day trade following reports that the Group has drawn regulatory scrutiny in the US after short seller's report. Shares of Tube Investments of India (TII) hit a new high of Rs 3,394, as they rallied 5 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market on healthy business outlook.

In the broader markets, the BSE MidCap and Smallcap indices slipped over a per cent each.

Sectorwise, the Nifty Metal index fell 1.77 per cent, the Nifty IT index 0.75 per cent, and the Nifty PSU Bank index 0.6 per cent. The Nifty Bank index, however, was the sole index to reverse losses as it gained 0.04 per cent.

In the previous session on Thursday, Sensex ended at 63,239, down 284 points, while the NSE Nifty50, closed at 18,771, down 86 points.

"Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the hawkish commentary from (US Federal Reserve Chair Jerome) Powell and the unexpected rate hike by the Bank of England," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended lower. Equity benchmark indices in Europe were also trading in the red. The US markets ended on a mixed note in the overnight trade on Thursday.

Global oil benchmark Brent crude declined 1.11 per cent to $73.32 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 693.28 crore on Thursday, according to exchange data.

Meanwhile, the rupee depreciated by 5 paise to close at 82.02 (provisional) against the US dollar on Friday amid strong American currency against major rivals overseas and negative sentiment in equity markets. Outflow of foreign funds from domestic equities also put pressure on the local unit. However, a sharp fall in crude price cushioned the fall in the Indian currency, said analysts.

At the interbank foreign exchange, the domestic currency opened weak at 82.05 against the greenback. The unit hit the intra-day peak of 82.00 and the lowest level of 82.07 during the day's trade. The currency finally settled at 82.02 (provisional) against the US dollar, registering a fall of 5 paise over the previous close. On Thursday, the rupee settled at 81.97 against the dollar.