India's benchmark equity indices logged a third consecutive session of losses on Friday, pulled down by banks and other financial stocks ahead of major earnings report from heavyweights Reliance Industries Ltd., HDFC Bank Ltd. and ICICI Bank Ltd.
The NSE Nifty 50 closed 143.05 points or 0.57% down at 24,968.4, while BSE Sensex ended 501.51 points or 0.61% lower at 81,757.73.
The dip below 25,000 marked a nearly four-week low for the Nifty, reflecting broad-based weakness across the market. On the 50-stock gauge, 33 declined, causing a combined market cap loss of Rs 91,400 crore for the blue-chip index.
Besides, both benchmarks as well as Nifty Bank posted a third straight week of decline. Axis Bank Ltd. was the top loser for the day and the week after its first quarter results.
Shares of Axis Bank, Shriram Finance Ltd. and Bharat Electronics Ltd. were among the biggest laggards. Wipro Ltd., Bajaj Finance Ltd. and Tata Steel Ltd. were among the top gainers in the Nifty 50.
In terms of points contribution, HDFC Bank, Axis Bank and Bharti Airtel Ltd. weighed on the Nifty the most.
On the NSE, 12 out of the 15 sectors ended in the red, with the Nifty Defence dropping nearly 2.3%. The Nifty Metal gained 0.4%.
The broader market indices underperformed the benchmarks, as both the BSE MidCap and SmallCap dropped 0.6%.
The market breadth was skewed in favour of the sellers as 2,294 stocks declined, 1,646 advanced and 152 remained unchanged on the BSE.
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