Stock Market Highlights: Sensex, Nifty End Lower, But Post Second Consecutive Weekly Gains
The NSE Nifty 50 and BSE Sensex snapped a two-day winning streak on Friday as private bank stocks declined. ICICI Bank Ltd. and HDFC Bank Ltd. share prices dragged the Nifty 50 the most. However, the benchmarks rose for the second consecutive week.
The Nifty 50 ended 199.60 points, or 0.83%, down at 23,989.05, and the Sensex ended 784.00 points, or 0.98%, down at 79,159.71.
During the session, the Nifty 50 declined 0.88% to the day's low of 23,976.00. The Sensex fell 1.04% to the day's low of 79,109.73.
"Despite the short recovery in the past two sessions, markets lost the momentum as there is still a lot of pessimism due to slowing growth, higher domestic valuations, foreign fund outflows, and uncertainty over US trade policies post Trump's resumption as the country's president. Hence, markets may see bouts of correction, and investors will continue to maintain caution while keeping an eye on global developments,” said Prashanth Tapse, a senior vice president, research, Mehta Equities Ltd.
HDFC Bank Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., ITC Ltd., and Infosys Ltd. weighed on the Nifty 50 index.
Reliance Industries Ltd., Tata Motors Ltd., Oil and Natural Gas Corp. Ltd., Hindustan Unilever Ltd., and Titan Co. Ltd. were added to the Nifty 50 index.
On NSE, six sectors ended higher, and six ended lower out of 12. The NSE Nifty IT declined the most, and the NSE Nifty Media rose the most.
Broader indices outperformed. BSE Midcap closed 0.3% down, and BSE Smallcap closed flat.
Fourteen of the 21 sectoral indices fell, and the remaining ended higher. BSE-focused IT fell the most.
Market breadth was skewed in the favour of buyers. As many as 2,105 stocks rose, 1,876 fell, and 122 remained unchanged on the BSE.
The benchmark indices rose for second week in a row on Thursday's gains. The Nifty 50 and Sensex recorded the best session since Nov 22 Thursday and posted the highest closing in over three weeks.
The Nifty 50 and Sensex gained 0.80% and 0.67%, respectively in the week ended on Jan 3.
On NSE, eight sectors advanced, three declined, and two remained flat out of 12. The NSE Nifty Auto rose the most, and the NSE Nifty Realty declined the most.
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