Nifty, Sensex End Lower, Capping Weekly Gains: Market Wrap
The Nifty 50 ended 0.76% lower at 22,475.85, and the Sensex fell 0.98% to close at 73,878.15.
India's benchmark stock indices reversed early gains to end lower on Friday on profit booking and caution ahead of US non-farm payroll data. Heavweights Reliance Industries Ltd., Larsen & Toubro Ltd., and HDFC Bank Ltd. dragged the indices lower, limiting the weekly gains in both the NSE Nifty 50 and S&P BSE Sensex.
The Nifty 50 ended 172.35 points, or 0.76%, lower at 22,475.85, and the Sensex fell 732.96 points, or 0.98%, to close at 73,878.15.
"Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market," said Vinod Nair, head of research at Geojit Financial Services. "However, the lack of significant negative surprises in Q4 earnings so far, along with a decline in oil prices, might help to mitigate the downside. Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market," he said.
On a weekly basis, the benchmarks extended gains for the second week, with the NSE Nifty 50 ending 0.25% higher and the S&P BSE Sensex closing 0.20% in the week ended on May 3.
Reliance Industries Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., and Maruti Suzuki India Ltd. weighed on the benchmark index.
Coal India Ltd., Grasim Industries Ltd., Bajaj Finance Ltd., Oil and Natural Gas Corporation of India Ltd., and ICICI Bank Ltd. supported the benchmark.
On NSE, eight sectors advanced and four declined. The NSE Nifty Media was the top loser, and the NSE Nifty Finance was the top gainer.
Broader markets outperformed. The S&P BSE Midcap ended 0.52% lower, and the S&P BSE Smallcap settled 0.21% lower.
On BSE, 19 sectors out of 20 declined, only S&P BSE Healthcare rose. The S&P BSE Telecommunication declined the most.
Market breadth skewed in the favour of sellers. Around 2,296 stocks fell, 1,540 stocks rose, and 122 stocks remained unchanged on BSE.
