The Indian benchmark indices declined for the third consecutive trading session on Friday. On a weekly basis, the indices snapped their two-week gaining streak.
Asian stocks advanced for the sixth straight day and the European markets were trading marginally higher after a mixed opening.
U.S. equities ended higher on Thursday after a rally in technology shares helped investors shake off mixed economic data, but recession fears remained.
The S&P BSE Sensex closed 874 points lower, or 1.45%, at 59,330.90, while the NSE Nifty 50 was 288 points down, or 1.61%, at 17,604.35 by end of trading hours.
Tata Motors Ltd., Bajaj Auto Ltd., Dr. Reddy's Laboratories Ltd., ITC Ltd. and Divi's Laboratories Ltd. were the top gainers in the gauge.
Whereas Adani Enterprises Ltd., Adani Ports and SEZ Ltd., State Bank of India, ICICI Bank Ltd., IndusInd Bank Ltd., ONGC Ltd., BPCL Ltd., Kotak Mahindra Bank Ltd., Axis Bank Ltd. and Hindalco Industries Ltd. were the top losers among NSE Nifty 50 constituents.
The broader market indices underperformed their larger peers and traded lower; the S&P BSE MidCap was down 1.29%, whereas S&P BSE SmallCap was lower by 1.89%.
Seventeen out of 20 sectoral indices compiled by BSE Ltd. declined, while three advanced, namely the S&P BSE Fast Moving Consumer Goods, S&P BSE Healthcare and S&P BSE Auto.
The market breadth was skewed in favour of the bears. About 905 rose, 2,648 declined, and 105 remained unchanged on the BSE.
After rising for two consecutive weeks, the headline indices snapped the advance and fell.
The Sensex was down 2.13% and Nifty was lower by 2.35% this week. The indices rose by 0.60% and 0.40%, respectively, last week.
Sectorally, Nifty Auto, FMCG and IT indices gained this week.
On the other hand, Nifty PSU Bank, Metal, Bank, and Realty indices fell more than 4% in trade.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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