Mumbai — Indian benchmark stock indexes ended lower Friday but recovered from their intraday lows as gains in information technology, FMCG and banking stocks helped limit losses amid continued 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, though weakness across several major sectors kept the broader market under pressure.
The Nifty MidCap index fell 0.26%, while the Nifty SmallCap index dropped 0.58%.
Sectoral indexes 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 strongest performers and provided some support to the benchmark indexes.
Market watchers said weakness in global equities and continued selling in select sectors weighed on domestic stocks 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.
Analysts said higher producer inflation and strong U.S. economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining foreign institutional investor outflows.
Meanwhile, the Indian rupee declined for a fourth consecutive session and recorded its steepest weekly loss since May 15 amid rising crude oil prices and higher 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)
