MUMBAI– Indian equity benchmarks snapped a three-day winning streak on Friday as profit-taking in IT and banking heavyweights pulled markets lower, even as a sharp rally in Adani Group stocks helped cushion the decline.
The Sensex closed at 82,626.23, down 387.73 points or 0.47 percent, after opening slightly weaker at 82,946.04. The index slipped further during the session, touching an intraday low of 82,485.92. The Nifty also fell 96.55 points, or 0.38 percent, to settle at 25,327.05.
Investor sentiment was boosted in part by Adani Group shares, which jumped after the Securities and Exchange Board of India (SEBI) gave a clean chit in connection with allegations made by U.S. short-seller Hindenburg Research. Adani Power surged 13.42 percent, Adani Total Gas climbed 7.55 percent to Rs 652.80, Adani Enterprises rose 5.25 percent to Rs 2,528, and Adani Ports and SEZ gained 1.15 percent to Rs 1,429.
Among the laggards in the Sensex basket were HCL Tech, ICICI Bank, Trent, Titan, Mahindra & Mahindra, HDFC Bank, Kotak Bank, PowerGrid, Ultratech Cement, Hindustan Unilever, Tata Motors, and ITC. Meanwhile, Adani Ports, SBI, NTPC, Bharti Airtel, Asian Paints, Axis Bank, and Maruti Suzuki managed to close in positive territory.
Most sectoral indices ended in the red, reflecting broad-based selling pressure. Nifty Fin Services dropped 171 points (0.64 percent), Nifty Bank fell 268.60 points (0.48 percent), Nifty Auto shed 109 points (0.40 percent), Nifty FMCG dipped 249 points (0.44 percent), and Nifty IT lost 172 points (0.47 percent).
The broader market showed resilience with selective buying in small- and mid-cap stocks. Nifty Small Cap 100 edged up 27.60 points (0.15 percent), and Nifty Midcap 100 gained 21 points, while Nifty 100 slipped 56 points (0.21 percent).
On the currency front, the Indian rupee ended marginally higher at 88.10 per dollar, compared with Thursday’s close of 88.13. (Source: IANS)
