Stock Market Highlights: Nifty Sheds Rs 1.7 Lakh Crore In Market Cap On Tariff Uncertainties, FII Outflows
On the NSE, all but one of the 15 sectors ended in the red, with the Nifty Pharma falling the most.
Indian stock markets logged their fifth consecutive week of losses on Friday amid trade uncertainties with the US and persistent foreign institutional outflows.
The NSE Nifty 50 settled 203 points or 0.82% lower at 24,565.35 and the Sensex lost 585.67 points or 0.72% to close at 80,599.91. Both the Nifty and Sensex shed 1% this week.
Of the 50 stocks on the blue-chip Nifty, 38 declined. The market capitalisation fell by nearly Rs 1.7 lakh crore.
Indian stocks had their first monthly loss since February last month. Foreign investors have pulled Rs 17,741 crore out of Indian equities in July, as per NSDL data.
Shares of Sun Pharma, Dr Reddy's Laboratories Ltd. and Cipla Ltd. were among the top losers in the Nifty. On the other hand, Trent Ltd., Asian Paints Ltd. and Hindustan Unilever Ltd. were among the top gainers.
In terms of point contribution, Infosys Ltd. and Bharti Airtel Ltd. weighed on the Nifty.
On the NSE, all but one of the 15 sectors ended in red, with the Nifty Pharma falling the most. Pharma fell 3% intraday, emerging as worst performing sector for the day.
The broader market fared poorer than the benchmark. The BSE MidCap fell 1.4% and SmallCap shed 1.6%.
The market breadth was skewed in favour of the sellers as 1,697 stocks declined and 477 advanced unchanged on the NSE.
