Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
The Sensex fell more than 600 points on Friday, as heavyweight stocks sold off. It is trading at 74,370 points down by 668 points.
Sensex constituents which are dragging the benchmark include Sun Pharma down 3.5 per cent.
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Sun Pharma shares fell more than 3 per cent on Friday, after the company’s Dadra facility received an official action indicated inspection classification from US FDA.
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Sun Pharma said the US FDA conducted an inspection at the company’s Dadra facility from December 4, 2023 to December 15, 2023. The US FDA has subsequently determined the inspection classification status of this facility as Official Action Indicated.
“We will work with the regulator to achieve fully compliant status. This is for your information and dissemination,” Sun Pharma said.
Discretionary stocks like Titan and auto stock Maruti are down more than 2 per cent.
IT stocks are also down with Infosys, Tech Mahindra, HCL Tech falling more than 1 per cent.
The hotter-than-expected US inflation has spiked the US bond yields. This is negative for FPI inflows but is unlikely to impact the Indian market which is resilient, and the rally is driven mainly by domestic liquidity, said V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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