Market declines due to foreign investor selling, weak quarter earnings
At the close, the Sensex fell by 1.2 per cent or 942 points to 78782.24, while the Nifty dropped 1.27 per cent or 309 points to 23995.35.
Despite a strong rebound in the domestic currency and continued decline in crude oil prices, the key equity indices — S&P BSE Sensex and Nifty50 — traded on a negative note during the afternoon session of the trade on Friday.
The rupee bounced back 30 paise to Rs 72.71 a US dollar from its previous close of 73. The benchmark Brent Crude also slipped below the $71 a barrel mark.
Consequently, export-oriented stock S&P BSE IT fell by 1.37 per cent. Metal, Realty and energy also came under heavy selling pressure.
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However, the index pivotal — finance and banking — stocks held the positive territory.
The market breadth was positive with 1,171 advances and 1,138 declines even though the equity indices traded with a negative bias.
“This is owing to the lower level buying in quality small and mid-cap stocks by investors,” Astha Jain, Senior Analyst, Hem Securities, told IANS.
At 1.58 p.m., the S&P BSE Sensex traded 101.14 points down at 35,136.54. It had opened at 35,258.13 from its previous close of 35,237.68.
It touched an intra-day high of 35,287.29 and a low of 35,011.23.
The NSE Nifty50 traded at 10,574.40, down 24 points or 0.23 per cent. It opened at 10,614.70 from its previous close of 10,598.40.
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