The Indian benchmark indices closed lower on Friday as the Sensex fell over 541 points to close trade at 83,639.17, while the Nifty declined 172 points to end at 25,704.05.
Both the benchmark indices have been on the decline for the fifth consecutive day.
Previously on Thursday, the Indian equity benchmarks extended their losing streak for a fourth consecutive session on Thursday, pressured by heavy selling in metal, oil & gas and other commodity-linked stocks amid persistent foreign fund outflows, analysts said.
Sensex, Nifty Post Sharp Losses
The 30-share BSE Sensex plunged 780.18 points, or 0.92 per cent, to close at 84,180.96. During intraday trade, the index sank as much as 851.04 points, or 1 per cent, to 84,110.10. On the broader market, 3,158 stocks declined, while 1,039 advanced and 170 remained unchanged on the BSE.
The 50-share NSE Nifty fell 263.90 points, or 1.01 per cent, to settle at 25,876.85.
Investor Sentiment Hit by Global and Domestic Headwinds
Market sentiment weakened amid heightened geopolitical tensions and concerns over global trade, which dampened overall risk appetite. Continued selling by foreign institutional investors, along with weakness in the rupee, further weighed on the markets.
“With global cues remaining mixed and the earnings season approaching, trading activity remained cautious and largely stock-specific,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
Sensex Stocks: Laggards and Gainers
Among the 30 Sensex constituents, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel and Trent were among the biggest laggards.
On the other hand, Eternal, ICICI Bank, Bajaj Finance and Bharat Electronics ended the session as gainers.
Worst Decline in Over Four Months
Indian equity markets recorded their steepest single-day fall in more than four months, according to Gaurav Garg, Research Analyst, Lemonn Markets Desk. Over the past four sessions, the Sensex has fallen 1,581.05 points, or 1.84 per cent, while the Nifty has declined 451.7 points, or 1.71 per cent.
US Sanctions Threat Adds to Uncertainty
Investor caution was further reinforced after US President Donald Trump backed a sanctions bill that could impose tariffs of up to 500 per cent on countries buying Russian oil. The proposed legislation would give Washington leverage over nations such as China and India to curb purchases of discounted oil from Moscow.
US Senator Lindsey Graham said on Wednesday that the bill would provide the White House “tremendous leverage” against countries including China, India and Brazil to incentivise them to stop buying cheap Russian oil.
Broader Market and Sectoral Performance
The broader market saw sharper losses, with the BSE midcap index dropping 1.99 per cent and the smallcap index declining 1.97 per cent.
Sectorally, metal stocks led the fall, tumbling 3.34 per cent, followed by oil & gas (down 3.15 per cent), power (2.92 per cent), energy (2.64 per cent), industrials (2.36 per cent), commodities (2.36 per cent), PSU banks (2.21 per cent), BSE Focused IT (2.04 per cent) and utilities (2 per cent).
Global Markets and Institutional Activity
In Asian markets, South Korea’s Kospi index ended higher, while Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng closed lower. European markets were trading marginally lower, and US markets ended mostly in the red on Wednesday.
Foreign institutional investors sold equities worth Rs 1,527.71 crore on Wednesday, while domestic institutional investors bought stocks worth Rs 2,889.32 crore, according to exchange data.
Brent crude, the global oil benchmark, rose 0.75 per cent to USD 60.42 per barrel.
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