Equity benchmark indices Sensex and Nifty stayed on the again foot for the second straight session on Friday as buyers offloaded FMCG, IT and tech stocks amid a weak opening in European markets.
Selling strain in index heavyweight Reliance Industries additionally impacted the market sentiments.
The 30-share BSE Sensex fell 223.01 factors or 0.35% to settle at 62,625.63. During the day, it declined 253.9 factors or 0.40% to 62,594.74.
The NSE Nifty went decrease by 71.15 factors or 0.38% to finish at 18,563.40.
On a weekly, the BSE benchmark climbed 78.52 factors or 0.12%, whereas the Nifty gained 29.3 factors or 0.15%.
“The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday as the RBI refrained from an aggressive cut in their inflation forecast.
“In addition to the home components, world cues additionally failed to offer help, because the US reported excessive unemployment claims forward of the discharge of the inflation figures and the Fed assembly,” said Vinod Nair, Head of Research at Geojit Financial Services.
Tata Steel was the biggest loser in the Sensex chart, slipping nearly 2%, followed by State Bank of India, Hindustan Unilever, HCL Technologies, Infosys, ITC, Asian Paints, Mahindra & Mahindra, Tech Mahindra, Tata Consultancy Services and Reliance Industries.
On the other hand, IndusInd Bank, Axis Bank, Larsen & Toubro, Power Grid, UltraTech Cement and Tata Motors were among the gainers.
The broader market ended flat, with the BSE midcap gauge climbing marginally by 0.03% and smallcap index went up by 0.02%.
Among the indices, FMCG fell 0.82%, tech declined 0.79%, IT (0.68%), metal (0.66%), commodities (0.58%) and consumer durables (0.58%).
Industrials, telecommunication, utilities, capital goods and power were the gainers.
“Most Asian stocks rose on Friday, as weak US labour information ramped up bets on a pause within the US Fed’s charge hike cycle, though disappointing inflation readings from China capped broader features.
“European stocks slipped at the open on Friday as traders were cautious ahead of the policy meetings of key central banks next week,” mentioned Deepak Jasani, Head of Retail Research, HDFC Securities.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended within the inexperienced.
Equity markets in Europe had been buying and selling within the destructive zone. The U.S. markets resulted in optimistic territory on Thursday.
Global oil benchmark Brent crude climbed 0.38% to $76.25 a barrel.
Foreign Institutional Investors (FIIs) purchased equities price ₹212.40 crore on Thursday, in keeping with trade information.
Inflow in fairness mutual funds halved to ₹3,240 crore in May, declining for the second consecutive month, primarily as a result of revenue reserving by buyers amid a rising market.
“Focus now shifts to the US consumer inflation report for May, due on June 13, ahead of the Fed meeting, which will provide investors more clarity about the health of the world’s largest economy,” mentioned Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
