Stock Market: Sensex Sinks 453 Points, Nifty Ends Near 17,850. IT, Metals, Financial Top Losers

Stock update: TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan, and Wipro led losses on Sensex, shedding 1-3 per cent

In the broader markets, the BSE Midcap and Smallcap indices slipped 0.7 per cent each. 

Sensex and Nifty, the two key equity benchmarks, on Friday declined for a third straight session registering their first weekly loss of 2023. The weakness on Dalal Street was mainly as investors remained jittery as they awaited a key jobs report in the US that will likely dictate market trend in the US.

The BSE Sensex sank 683 points to the day's low of 59,670 before closing 453 points lower at 59,900. On the other hand, the broader NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.

On the 30-share Sensex platform, the top losers that weighed on the benchmark indices were financial and IT shares. TCS, IndusInd Bank, Bajaj twins, Tech M, Kotak Bank, Infosys, Airtel, Tata Motors, Titan, and Wipro led losses on Sensex, shedding 1-3 per cent, while JSW Steel was the top Nifty loser. On the flip side, M&M, Reliance, Nestle, ITC, L&T, Britannia, BPCL, and ONGC, which closed up to 1 per cent higher.

#ABPLiveStockMarketWatch | Indian equity benchmarks closed lower on Friday for the third consecutive day

At 03:30 PM, #Sensex sheds 453 points to 59,900 & #Nifty loses 132 points to close at 17,859

Here's a look at the stocks in focus:#ClosingBell #ABPLive #MarketWatch pic.twitter.com/QxVAGfXewU

— ABP LIVE (@abplive) January 6, 2023

In the broader markets, the BSE Midcap and Smallcap indices slipped 0.7 per cent each. 

Sectorwise, losses were equally spread across sectors. Nifty IT fell 2 per cent followed by 0.7-1 per cent cuts each in Bank, Financial, Metal, Realty, and Pharma indices. FMCG and Consumer Durables outperformed with fractional gains.

Among buzzing stocks, IDBI Bank ended the day with a 8 per cent gain after SEBI allowed the government's stake in the lender to be reclassified as public after divestment.

In the previous session on Thursday, the Sensex, which cracked over 600 points to hit day's low of 60,049 levels, closed at 60,353 levels, went down 304 points (0.5 per cent). On the other hand, the broader NSE Nifty ended at 17,992 levels, down 50 points (0.28 per cent).

Meanwhile, the rupee pared initial gains and settled 9 paise lower at 82.71 (provisional) against the US dollar on Friday, tracking a rebound in the greenback overseas and a muted trend in domestic equities.

Forex traders said risk aversion in international markets and sustained foreign fund outflows weighed on investor sentiments, even as weak crude oil prices cushioned the downside.

At the interbank foreign exchange market, the rupee opened on a positive note at 82.52 against the greenback, but pared the gains and fell to an intra-day low of 82.75. The domestic currency finally settled at 82.71, down 9 paise over its previous close of 82.62.

Global oil benchmark Brent crude futures rose 0.74 per cent to $79.27 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,449.45 crore, according to exchange data.