Nifty, Sensex Extend Fall To Second Week, IT Index Slips 6% Amid Q3 Results
On the NSE, seven out of the 12 sectors closed higher on Friday with the Nifty Oil & Gas rising the most.
The benchmark equity indices extended its fall on Friday to the second consecutive week, with HCL Technologies Ltd. and Infosys Ltd. as the top losers for the week. The NSE Nifty 50 and the BSE Sensex snapped a three-day gaining streak to close lower ahead of the third-quarter results of Tech Mahindra Ltd. and Wipro Ltd.
The Nifty ended 108.60 points or 0.47% lower at 23,203.20, and the Sensex closed 423.49 points or 0.55% down at 76,619.33. During the session, the Nifty dropped 0.91% or 211.45 points to 23,100.35. The Sensex declined 1.01% or 779.53 points lower at 76,263.29.
Bharat Petroleum Corp., Reliance Industries Ltd., Coal India Ltd., Hindalco Industries Ltd. and Nestle India Ltd. were top gainers in the Nifty on Friday. Infosys Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Shriram Finance Ltd. and Wipro Ltd. weighed on the index.
IT stocks were among the worst performers as worries over revenue guidance by top players dampened outlook, dragging the Nifty IT down by 6% in the week.
Through the week, Hindalco, NTPC Ltd., and Adani Ports and Special Economic Zone Ltd. were the top gainers, while HCLTech, Infosys, Axis Bank Ltd., and Hindustan Unilever Ltd. were among the worst performers.
Reliance Industries Ltd., Larsen & Toubro Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd. and Power Grid Corp. led the gains in the Nifty in terms of point contribution.
Infosys Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., Shriram Finance Ltd. and Wipro Ltd. weighed on the index the most.
On the NSE, seven out of the 12 sectors closed higher on Friday with the Nifty Oil & Gas rising the most.
The broader markets outperformed the benchmark indices as the BSE MidCap and SmallCap indices ended 0.04% and 0.01% higher respectively.
On the BSE, 15 sectors advanced and six declined out of 21. The BSE Energy rose the most, while the BSE Focused IT declined the most.
The market breadth was skewed in favour of the buyers as 2,028 stocks advanced, 1,902 declined and 129 remained unchanged on the BSE.
On a weekly basis, the NSE Nifty 50 fell 0.97%, while the BSE Sensex fell 0.98%.
This week, eight sectors declined and four advanced out of the 12. The NSE PSU Bank rose the most, and the NSE IT underperformed other sectoral indices.
