MUMBAI— Indian equity markets ended significantly lower on Friday, weighed down by broad-based selling across sectors. Benchmark indices declined nearly 1%, with investor sentiment turning cautious despite developments around the UK-India Free Trade Agreement (FTA), which failed to spark a rally.
The BSE Sensex dropped 721.08 points, or 0.88%, to close at 81,463.09. The index opened weak at 82,066.76, compared to the previous close of 82,184.17, and plunged more than 950 points intraday to hit a low of 81,397.69.
The NSE Nifty fell 225.10 points, or 0.90%, ending the session at 24,837.00.
“The broader market remained under persistent pressure, with notable weakness seen in Media, Energy, Oil & Gas, PSU Banks, Auto, and IT sectors,” Ashika Institutional Equities noted. The overall tone was distinctly risk-off, exacerbated by sectoral headwinds and a breakdown of key support levels, suggesting continued caution in the near term, the firm added.
Among the top losers on the Sensex were Bajaj Finance, Tech Mahindra, Bajaj Finserv, Infosys, Trent, Tata Motors, NTPC, Maruti Suzuki, SBI, Tata Steel, and HCL Technologies. Only Sun Pharma and Bharti Airtel managed to close in positive territory.
The sell-off extended beyond the blue-chip counters, dragging the broader market as well. The Nifty 100 index shed 259 points (1%), the Nifty Midcap 100 fell 951 points (1.61%), and the Nifty Smallcap 100 dropped 392.35 points (2.10%).
Sectoral indices also witnessed steep declines: Nifty Bank fell 537 points (0.94%), Nifty Financial Services dropped 238 points (0.88%), Nifty Auto slid 305 points (1.27%), and Nifty IT also declined 305 points (1.27%).
Meanwhile, the Indian rupee weakened, slipping below the 86.50 mark with a 0.13% decline against the U.S. dollar, which was trading stronger near 97.68. The rupee’s decline was attributed to both a stronger dollar and profit booking in capital markets.
“Investor focus now turns to next week’s U.S. Federal Reserve interest rate decision,” said Jateen Trivedi of LKP Securities. “Mixed expectations remain amid pressure from the U.S. government for a rate cut. In the near term, the rupee is likely to trade in the 86.00–87.00 range.” (Source: IANS)
