Stock Market: Sensex Sheds 188 Points; Nifty Settles Below 19,750. PSU Banks Worst Hit

Stock update: On the 30-share Sensex platform, SBI was top laggard, falling 3.64 per cent. The others are Axis Bank, Bajaj Finance, ICICI Bank, Infosys, Kotak Bank emerged losers

In the broader markets, the BSE Midcap and Smallcap indices gained 0.27 per cent and 0.36 per cent, respectively.

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The two key equity benchmarks, Sensex and Nifty, on Friday closed in the red as profit booking in financial stocks weighed on the benchmark indices. Besides, bank and financial stocks dragged heavily due to RBI personal loan norms, declining up to 3.6 per cent on Friday. The S&P BSE Sensex closed 188 points lower at 65,795 levels. On the other hand, the NSE Nifty50 closed at 19,732, down 33 points. 

On the 30-share Sensex platform, SBI was top laggard, falling 3.64 per cent. The others are Axis Bank, Bajaj Finance, ICICI Bank, Infosys, Kotak Bank emerged losers. On the flip side, L&T, HUL, Asian Paints, PowerGrid, Nestle were among gainers.

#ABPStockMarketWatch | Sensex and Nifty closed in the red as profit booking in financial stocks weighed on the indices, on Friday

At 04:00 PM, #Sensex dipped by 188 points to 65,795 & #Nifty by 33 points to 19,732

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/XzoPR5S2rK

— ABP LIVE (@abplive) November 17, 2023

In the broader markets, the BSE Midcap and Smallcap indices gained 0.27 per cent and 0.36 per cent, respectively. The BSE Midcap and Smallcap indices hit new highs of 33,423.33 and 39,690.72, respectively.

Sectorwise Nifty PSU Bank index plunged 2.4 per cent, followed by over 1 per cent fall in the Nifty Bank and Private Bank indices. Nifty Pharma, however, jumped 1 per cent.

In the previous sesion on Thursday, the S&P BSE Sensex surged 307 points to end at 65,982, while the NSE Nifty50 closed at 19,765, up 90 points. 

"Selling in banking and oil & gas stocks led the fall in key benchmark indices, even as most of the global indices ended on a higher note. Investors booked profit in banking stocks on concerns that RBI's new norms on personal loans would hurt lending growth going ahead. Although risk on sentiment had returned to the markets in recent sessions, global uncertainty would continue to dictate trends and keep investors on tight leash," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

In Asian markets, Seoul, and Hong Kong settled lower, while Tokyo and Shanghai ended in the green. European markets were trading with gains. The US markets ended on a mixed note on Thursday.

Global oil benchmark Brent crude climbed 0.77 per cent to $78.02 a barrel.

Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 957.25 crore, according to exchange data.

Rupee Dips 4 Paise Lower At 83.27 Against US Dollar

Meanwhile, India rupee declined by 4 paise to 83.27 (provisional) against the US dollar on Friday as a firm greenback in the overseas markets and losses in domestic equities weighed on investor sentiment. Fresh FII inflows and crude oil prices trading near four-month lows helped the rupee restrict losses, forex dealers said.

At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. The local unit moved in a tight range of 83.23 to 83.28 in the day trade. The currency finally closed lower by 4 paise at 83.27 against the dollar. It closed at 83.23 against the greenback on Thursday.