MUMBAI, India — Indian equity markets closed sharply lower on Friday, extending losses for a second straight session as broad-based selling weighed on benchmarks amid rising global concerns over artificial intelligence-driven disruption to India’s outsourcing-led growth model.
The Sensex fell 1,048 points, or 1.25 percent, to settle at 82,626, while the Nifty dropped 336 points, or 1.30 percent, to close at 25,471.
Broader markets moved largely in line with the benchmarks. The Nifty Midcap 100 declined 1.71 percent, while the NSE Smallcap 100 fell 1.79 percent.
All sectoral indices ended in the red. Metal stocks were the worst performers, with the Nifty Metal index sliding 3.31 percent. Realty stocks followed, with the Nifty Realty index down 2.23 percent.
The Nifty Next 50 index also saw heavy selling pressure, tumbling 1.56 percent. The Nifty IT index, which had fallen more than 4 percent intraday, recovered over 1,000 points from the day’s low to close down 1.44 percent. The Nifty FMCG index shed 1.90 percent.
Banking and midcap stocks remained under pressure throughout the session. Market breadth was decisively negative, with 44 of the 50 Nifty constituents ending the day lower.
In currency markets, the rupee weakened marginally by 6 paise to 90.61 against the dollar, while the dollar index remained flat near 97, keeping overall momentum range-bound, traders said.
Analysts noted that while some defensive sectors showed relative resilience, they were unable to offset the widespread selling, reflecting a cautious and risk-averse sentiment among investors.
Technically, the Nifty opened with a gap-down and slipped below its key 21-day, 50-day, and 100-day moving averages, placed at 25,480, 25,770, and 25,690, respectively. On the downside, the index is attempting to fill last week’s gap.
“Bank Nifty slipped below a short-term consolidation range, indicating minor profit booking after the recent up move. However, the index continues to trade above its 20-day moving average placed near 59,700, which remains a crucial short-term support,” said Vatsal Bhuva, technical analyst at LKP Securities. (Source: IANS)
