Sensex, Nifty Close Lower as IT, Banking Stocks Limit Losses
Mumbai — Indian benchmark stock indices closed lower on Friday but recovered from their intraday lows as buying in information technology, FMCG and banking shares helped limit losses amid weakness in global equities.
The Sensex fell 120.83 points, or 0.16%, to close at 74,781.76, while the Nifty declined 79.70 points, or 0.34%, to settle at 23,398.10.
Among Nifty stocks, Hindalco Industries, JSW Steel and Tata Steel were the top gainers. However, weakness across several key sectors kept the broader market under pressure.
The Nifty MidCap index fell 0.26%, while the Nifty SmallCap index declined 0.58%.
Sectoral indices on the NSE ended mixed. Nifty Metal and Nifty Realty were among the biggest laggards, while Nifty Private Bank and Nifty IT were among the top performers and provided some support to the benchmarks.
Market experts said domestic equities remained under pressure from weak global markets and continued selling in select sectors despite the late recovery.
“While elevated crude prices, foreign outflows, and geopolitical uncertainty may keep volatility high, resilient domestic fundamentals and strong institutional support continue to attract buying at lower levels, limiting downside risks and supporting the medium-term outlook,” market watchers said.
“The higher producer inflation and strong US economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining FII outflows,” analysts said.
Meanwhile, the Indian rupee extended its decline for a fourth consecutive session, recording its steepest weekly loss since May 15 amid surging crude oil prices and rising bond yields.
“In the near term, spot USDINR faces resistance at 95.80, with strong support positioned around 95.15, paving the way for a phase of consolidation following the recent sharp upward surge,” market experts said. (Source: IANS)
