Benchmark stock market indices closed nearly 1 per lower amid volatility on Friday. Market opened on a positive note amid positive global cues. However, indices closed lower, dragged by late-hour selling.
The BSE Sensex closed at 57,060.87, down 460.19 points or 0.80 per cent. It recorded an intraday high of 57,975.48 and a low of 56,902.30. The Nifty 50 closed at 17,102.55, down 142.50 points or 0.83 per cent. It recorded an intraday high of 17,377.65 and a low of 17,053.25.
Over 2,100 stocks decline
The market breadth continued to remain in favour of the decliners with 2,117 stocks declining on the BSE against 1,259 stocks that advanced. The prices of 132 stocks remained unchanged. Furthermore, 18 stocks hit the upper circuit as compared to 5 stocks that were locked in the lower circuit. Besides, 127 stocks touched a 52-week high level and 30 touched a 52-week low.
Vinod Nair, Head of Research at Geojit Financial Services said, “Dips were encouraging investors to accumulate quality stocks with focus on defensives and domestic growth sectors like manufacturing and capital goods. However, a shrink in the US economy and rate hike expectations in the upcoming Fed meet triggered sell-off in the global market. Domestic market reduced exposure ahead of the shortened next week and opening of India’s largest IPO.”
HDFC Life, Tata Consumer, Kotak Bank, Sun Pharma and HDFC Bank were the top gainers on the Nifty 50, while Axis Bank, Coal India, Adani Ports, Wipro and ONGC were the top laggards.
Sectoral indices
On the sectoral front, all indices closed in the red.
Nifty Oil & Gas was down over 2 per cent at closing, while Nifty PSU Bank closed nearly 2 per cent lower. Nifty Auto and Nifty Realty were down over 1 per cent each. Nifty Bank, Nifty Private Bank, Nifty FMCG, Nifty Consumer Durables and Nifty IT were each down nearly 1 per cent.
Broader market under pressure
Broader indices also closed in the red. The Nifty Midcap 50 was down 0.92 per cent, while the Nifty Smallcap 50 was down 1.21 per cent. The S&P BSE Midcap was down 0.81 per cent, while the S&P BSE Smallcap was down 0.58 per cent.
The volatility index rose 0.19 per cent to 19.42