MUMBAI — Indian equity benchmarks slipped on Friday, snapping a six-day rally as investors turned cautious amid reports that the United States may launch a new investigation into China’s 2020 trade deal.
The Sensex closed down 344.52 points, or 0.41 percent, at 84,211.88, while the Nifty 50 dropped 96.25 points, or 0.37 percent, to finish at 25,795.15.
Analysts said profit booking and renewed global trade concerns drove the sell-off. “The Nifty remained weak during the session as traders continued to book profits. On the lower end, it slipped below the initial support of 25,850, leading to a decline towards 25,700,” market experts noted. “The next 1–2 sessions might remain volatile; however, a sustained rally looks possible thereafter. On the higher end, resistance is placed at 25,850, above which a rally toward 26,000–26,200 looks possible.”
Among key laggards on the Sensex were Hindustan Unilever, UltraTech Cement, and Titan, which dragged the indices lower. ICICI Bank, Bharti Airtel, Bharat Electronics Limited (BEL), and Sun Pharma helped limit the fall, emerging as the top gainers of the day.
Sectorally, metal stocks led the advance, with the Nifty Metal index rising 1.03 percent, followed by oil and gas shares, which gained 0.2 percent. FMCG counters were the worst performers, with the Nifty FMCG index slipping 0.75 percent, while PSU banks fell 0.74 percent.
In the broader market, midcap and smallcap stocks also saw mild profit-taking. The Nifty Midcap 100 closed 0.24 percent lower, and the Nifty Smallcap 100 dropped 0.21 percent.
Analysts attributed the pullback to investor caution over global developments, including possible U.S. trade action against China and higher crude oil prices amid renewed sanctions pressure on Russia. “Markets are likely to remain range-bound in the near term as traders assess international cues,” one analyst said. (Source: IANS)
