Benchmark indices Sensex and Nifty experienced a second consecutive day of decline on Friday, primarily due to selling in IT and banking shares, along with foreign fund outflows and weak trends in the US markets. The 30-share BSE Sensex settled at 66,160.20, falling by 106.62 points or 0.16 percent. It touched a low of 65,878.65, declining by 388.17 points or 0.58 percent during the day.
The NSE Nifty finished at 19,646.05, decreasing by 13.85 points or 0.07 percent. “Despite the better-than-expected US Q2 GDP data, which had a positive impact, the domestic market sentiment was hindered due to the possibility of another rate hike. The uncertainty increased with the Fed chief’s comments about a data-centric approach without ruling out rate hikes,” remarked Vinod Nair, Head of Research at Geojit Financial Services. He further added, “Market volatility was also driven by the reversal of buying trend by foreign institutional investors and the rise in US bond yields. However, Asian markets remained mostly positive in light of the Bank of Japan’s decision to retain the policy rate, contrary to speculations of stimulus measures being removed.”
Among the Sensex constituents, major laggards included Bajaj Finserv, HDFC Bank, Tata Motors, HCL Technologies, Tata Consultancy Services, Axis Bank, Infosys, IndusInd Bank, Tech Mahindra, and Maruti. On the other hand, NTPC, Power Grid, Mahindra & Mahindra, JSW Steel, Bajaj Finance, ITC, and Reliance Industries registered gains.
In the broader market, the BSE midcap gauge rose by 0.55 percent, while the smallcap index climbed by 0.49 percent. Notable gains were witnessed in utilities (2.61 percent), power (2.57 percent), realty (1.92 percent), services (1.01 percent), FMCG (0.85 percent), and commodities (0.56 percent).
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
