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Stock market ends five-day winning streak

At close, Sensex was down 609.28 points, or 0.82%, at 73,730.16. Meanwhile, Nifty opened higher at 22,620.40 and touched a low of 22,419.90 in intraday trades.

Stock market ends five-day winning streak

Stock market ends five-day winning streak (Photo: IANS)

Benchmark indices on Friday ended lower in the volatile session, breaking a five-day gaining streak. The Sensex opened higher at 74,509.31 and dropped to a low of 73,616.65 during the day.

At close, Sensex was down 609.28 points, or 0.82%, at 73,730.16. Meanwhile, Nifty opened higher at 22,620.40 and touched a low of 22,419.90 in intraday trades.

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At close, Nifty was down 150.40 points, or 0.67%, at 22,419.05. In a sector-wise analysis, except auto, bank, and capital goods, all other indices ended in the green, with oil & gas, healthcare, realty, and media up 0.3-1%.

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On the BSE Sensex, Tech Mahindra, Wipro, Axis Bank, UltraTech Cement, ITC, Titan, and Tata Motors ended the day in the green, while Bajaj Finance, Bajaj Finserv, IndusInd Bank, Nestle India, and Mahindra & Mahindra, were the top drags for the day.

On the Nifty 50, Tech Mahindra, Divi’s Laboratories, LTIMindtree, Bajaj Auto, and BPCL, were the top gainers for the day, while Bajaj Finance, Bajaj Finserv, IndusInd Bank, Nestle India, and SBI Life, were the top drags.

Financial Services and Bank indices were the biggest losers of the day, closing down 0.89% and 0.61%, respectively, while the Auto and Metal indices also closed down 0.28% and 0.21%, respectively.

Further, the Consumer Durables index had gained the most at 1.72%, followed by the Media index, which closed up 1.18%.

The IT, Pharma, Healthcare, Realty, and Oil & Gas indices also ended the day in the green.

The Bank Nifty also snapped a five-day winning streak, declining 294 points to 48,201, and formed a bearish candlestick pattern on the daily charts.

A volume spike of more than 100% was seen in L&T Technology Services, Aditya Birla Fashion, and SAIL.

Also, a long build-up was seen in Tech Mahindra, GMR Airports Infrastructure, Container Corporation of India, while a short build-up was seen in L&T Technology Services, Bajaj Finance and Bajaj Finserv.

The broader market had ended in green with the BSE MidCap index gaining 0.83%, and the BSE SmallCap index gaining 0.27%.

Another key development in the market was that Bata India announced that its board has given its in-principal approval to sell its 11.54 acres of freehold land in Faridabad for a consideration of Rs 156 crore.

Also, the shares of IndiGo Airlines surged over 4% to hit a new 52-week high of Rs 3,598 after placing an order for 30 Firm A350-900 aircraft from Airbus.

Shares of Olectra Greentech sank 12% after the company posted a weak set of earnings for the March quarter.

The European stocks gained along with US equity futures following blockbuster earnings from Microsoft Corp. and Alphabet Inc.

The Stoxx Europe 600 climbed 0.5%, heading for its first weekly advance in four, with the technology sector among the leading gainers.

As per JPMorgan Chase & Co. strategists, about 79% of S&P 500 firms that have reported so far have beaten analysts’ earnings estimates.

The strong earnings news from the US supported gains for some of Asia’s tech titans.

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