The two key equity benchmarks, Sensex and Nifty, on Friday settled lower over uncertainty on the timing in US Fed rate cut. The S&P BSE Sensex fell 454 points to low of 72,485. On the other hand, the NSE Nifty50 ended at 22,023, down 123 points.
On the 30-share Sensex platform, M&M, Tata Motors, NTPC, HCLTech, L&T, Infosys were among the losers. On the flip side, Airtel, Bajaj Finance, Maruti, Bajaj Finserv, IndusInd Bank, TCS emerged gainers.
Among specific stocks, HPCL, Indian Oil, and BPCL slid 6-8 per cent after the government cut prices of petrol and diesel by Rs 2 per litre from on Friday.
In the broader markets, the BSE Midcap index dropped 0.5 per cent, while Smallcap index closed on a positive note.
Sectorally, except IT, all indices post losses this week.
In the previous session on Thursday, the BSE Sensex rose 335 points to close at 73,097, while the NSE Nifty50 closed at 22,151, up 153 points.
"Cautiousness towards mid & smallcaps continued to drag market sentiment, dampening the broader market. However, the moderation in global commodity prices and the upward revision of India's GDP for FY25 are poised to highlight robust domestic demand, potentially supporting a rebound once the broader market attains stability," said Vinod Nair, Head of Research, Geojit Financial Services.
In Asian markets, Seoul, Tokyo, and Hong Kong settled lower, while Shanghai ended in the green. European markets were trading with marginal gains. The US markets ended in the negative territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,356.29 crore on Thursday, according to exchange data.
Global oil benchmark Brent crude dipped 0.68 per cent to $84.84 a barrel.
On Friday, the Indian rupee experienced a 4-paise drop to reach 82.88 (provisional) against the US dollar. This decline was primarily attributed to ongoing foreign fund outflows and a downward trend in the domestic stock market.
According to forex analysts, the strength of the US dollar in international markets and the rise in crude oil prices globally added to the negative sentiment among investors.
Beginning the day at 82.95, the rupee fluctuated between an intra-day low of 82.96 and a high of 82.85 against the dollar in the interbank foreign exchange market. Ultimately, it settled at 82.88 (provisional), marking a loss of 4 paise compared to its previous close.
This follows a 3-paise depreciation observed on Thursday, when the rupee closed at 82.84 against the US dollar.