Nifty and Sensex fell sharply on Friday after they were trading rangebound for the entire session. Nifty closed 1.5% lower with Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel and Bajaj Finance as the biggest draggers.
While Nifty fell as much as 1.6% to 23,515, after rising as much as 0.4% to 24,002 earlier in the day. The Sensex declined as much as 1,198 points, or 1.5%, to 74,669.52, after gaining as much as 0.5% to 76,220 earlier. However, Nifty recovered slightly to close 1.5% lower at 23,547.75 and Sensex was down 1.44% at Rs 74,775.74.
Sensex fell 2.8% in May, marking the worst May performance in six years, while Nifty fell 1.9% in May, hitting the worst May performance in four years.
While RIL, HDFC Bank, ICICI Bank dragged, L&T, HCLTech, TechMahindra, Nestle and Asian Paints gained on Friday during closing.
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In terms of percentage Power Grid Corp., Interglobe Aviation, Bajaj Auto, ONGC and Max Healthcare fell the most on Friday in the Nifty 50 index. However, Tech Mahindra, HCL Technologies, Wipro, Nestle, L&T were the gainers.
Barring IT, all sectors are trading in the red, with losses led by Oil & Gas, and Auto.
ALSO READ: Sensex Logs Worst May Since 2020, Nifty Worst Since 2022 As West Asia Crisis Remains An Overhang
Nifty Oil & Gas was the worst-performing sector of the day, declining more than 2%. Within the index, Aegis Vopak Terminals led the losses, sliding over 4.5%, followed by Oil and Natural Gas Corporation, which dropped more than 3%.
Meanwhile, Oil prices eased after the US and Iran tentatively agreed to extend a ceasefire by 60 days, though US officials said a deal had not been finalised. Brent crude for July settlement fell 0.4% to $93.37 a barrel, while the more-active August contract declined 0.6% to $92.18. WTI crude for July delivery slipped 0.6% to $88.33 a barrel.
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