Stock Market Snaps 3-Day Winning Run: Sensex Falls 317 Points, Nifty Settles Below 17,950. Bank, Realty, IT Worst Hit

Stock update: On the 30-share Sensex platform, Nestle, IndusInd Bank, M&M, SBI, TCS, Kotak Bank ended day’s trade in the red. L&T, UltraCemco, Asian Paints, NTPC, Reliance, Tata Steel emerged winners

The two key equity benchmarks, Sensex and Nifty, on Friday snapped their three-day winning run under the selling pressure amid fears of higher interest rates globally. Due to high selling pressure on Friday, banks and realty stocks tank.

The S&P BSE Sensex closed at 61,003, down 317 points. On the other hand, the Nifty 50 registered a low at 17,885, before settling 92 points lower at 17,944.

On the 30-share Sensex platform, Nestle, IndusInd Bank, M&M, SBI, TCS, Kotak Bank ended day’s trade in the red. On the flip side, L&T, UltraCemco, Asian Paints, NTPC, Reliance, Tata Steel emerged winners.

A vast majority of the Nifty 50 stocks also ended in the negative zone. Adani Enterprises was the top loser, down over 4 per cent.

In the broader markets, the BSE Midcap index fell 0.7 per cent and Smallcap index down 0.20 per cent.

Except capital goods, all other sectoral indices ended in the red.

In the previous session on Thursday, the indices closed flat. The BSE Sensex was ended marginally higher by 44 points to 61,319. On the other hand, NSE Nifty50 closed at 18,035, up 20 points.

"Lack of major triggers in the domestic market is attracting global cues to dictate the market trend. The US market is facing an unfavourable combination of higher-than-expected inflation and a stronger job market. The PPI (Producer Price Index) in the US came in at 6.0 per cent, in contrast to the expectation of 5.4 per cent. This suggests that interest rates have not yet peaked and will remain elevated for a long period," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Japan, South Korea, Hong Kong and China ended lower. European markets were trading in negative territory. The US markets had ended sharply lower on Thursday.

Meanwhile, the rupee depreciated 14 paise to close at 82.84 (provisional) against the US currency on Friday as the strength of the American currency in the overseas market and a muted trend in domestic equities weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened at 82.77 against the greenback and finally settled for the day at 82.84 (provisional), registering a fall of 14 paise over its previous close of 82.70.

During the session, the domestic unit witnessed an intra-day high of 82.73 and a low of 82.85 against the American dollar.

Global oil benchmark Brent crude futures declined 1.75 per cent to $83.65 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 1,570.62 crore, according to exchange data.