The 30-share BSE Sensex fell by 230 points, or 0.28%, to close at 81,381, while the broader NSE Nifty declined 34 points, or 0.14%, finishing at 24,964.
Despite the decline in equity markets, the market capitalization of all listed companies on the BSE rose by Rs 27k crore to Rs 462.27 lakh crore. The market breadth favored the bulls, with approximately 2,142 stocks gaining, 1,746 declining, and 123 remaining unchanged on the BSE.
ICICI Bank, TCS, HDFC Bank, M&M, ITC, Axis Bank, and Maruti Suzuki were the top contributors to the Sensex’s decline, while HCL Tech, Tech Mahindra, JSW Steel, HUL, and L&T closed with gains.
TCS closed 1.8% lower after its September-quarter profit miss. The software company’s results signalled weakness in demand recovery and a rare drop in margins while the near-term outlook remained tepid, leading to brokerages cutting their earnings estimates.
Meanwhile, the Nifty Metal index rose nearly 1%, with 11 of its 15 constituents closing higher on expectations of fresh stimulus measures from China, the top consumer.The broader, more domestically focused Nifty Smallcap100 and Nifty Midcap100 rose by 0.6% and 0.5%, respectively.Experts View
“The market traded sideways due to a lack of fresh triggers for decisive momentum. The uptick in US 10-year yield due to the unexpected rise in US core inflation and caution ahead of result season added layers of sentiment in the market,” said Vinod Nair, Head of Research, Geojit Financial Services.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, said, “Investors traded with caution on the last trading day of the week as any escalation in the Iran-Israel conflict over the weekend could fuel uncertainty going into the next week. Optimism could return once the earnings season picks up momentum and results are in line with expectations, else the mood could remain cautious with a negative bias in the near to medium term.”
Global Markets
Global stocks traded sideways on Friday as a stunning rally in Chinese shares paused and investors held back from placing more bets ahead of a much-anticipated update on fiscal stimulus from Beijing this weekend.
European stock markets were steady, Wall Street futures were also flat and MSCI’s broadest index of Asia-Pacific shares outside Japan ended the week with a loss after four straight weeks of gains.
Crude Oil
Oil prices softened on Friday but were set for a second weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.
Brent crude oil futures fell 60 cents, or 0.8%, to $78.80 a barrel. U.S. West Texas Intermediate crude futures slipped 57 cents, also 0.8%, to $75.28 per barrel.
Rupee Drops Below $84
The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market.
The rupee closed at 84.06, down 0.1% on the day, after hitting a record low of 84.07 earlier in the session.
(With inputs from agencies)
