Closing Bell: Ahead of the Union Budget Indian market ends the week on a weaker footing
Domestic equity benchmarks Sensex and Nifty closed a volatile trading session lower on Friday. Losses in financial and select auto stocks pulled the headline indices lower, though gains in IT and consumer shares lent some support.
The Indian equity market on Friday extended fall for the second straight session dragged by banking and automobile shares. At the closing bell, the 30-share BSE Sensex lost 77 points or 0.13% to close at 57,200, while the broader NSE Nifty 50 settled 8 points or 0.05% lower at 17,102. During today's trade both the benchmarks started on a higher note but gave up all of their respective gains in the afternoon deals amid high volatility. Sensex tanked over 880 points from the day's high, and Nifty slumped over 270 points. In the broader market, both midcap and smallcap rallied 1.5% each. The market breadth favours the advances with 1,989 shares were advancing while 1,368 were declining on BSE.
Among sectoral indices, a strong rally was seen in Nifty IT, Healthcare and Pharma indices. Nifty Realty also gained over 0.5%, while Nifty Metal rose over 0.4% and Nifty Media climbed over 0.8%. However, banking stocks were under pressure today as Nifty Bank declined over 0.5%. Nifty Auto also closed lower.
Among the buzzing stocks today was Maruti Suzuki India, the top Nifty loser that cracked 3.21% to Rs 8,537.15. Tech Mahindra, PowerGrid, ICICI Bank and Hero MotoCorp were also among the laggards. On the flip side, NTPC, UPL Ltd, Sun Pharma, Tata Consumer Products and IndusInd Bank were among the gainers.
Market participants now eagerly await the Union Budget 2022 presentation which is scheduled for Tuesday, February 1.
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