MUMBAI– Indian equity markets slipped on Friday, snapping a six-day winning streak, as renewed concerns over a potential U.S. investigation into China’s 2020 trade deal unsettled investors and triggered profit-taking.
The Sensex dropped 344.52 points, or 0.41 percent, to close at 84,211.88, while the Nifty declined 96.25 points, or 0.37 percent, to settle at 25,795.15.
Market analysts said traders continued to book profits through the session, pushing the Nifty below its initial support of 25,850. “The next one to two sessions might remain volatile; however, a sustained rally looks possible thereafter. On the higher end, resistance is placed at 25,850, above which a move toward 26,000–26,200 looks possible,” they noted.
Among key laggards on the Sensex were Hindustan Unilever, UltraTech Cement, and Titan. On the positive side, ICICI Bank, Bharti Airtel, Bharat Electronics Limited (BEL), and Sun Pharma provided some support as the top gainers of the day.
Sectorally, the Nifty Metal index led the gains, rising 1.03 percent, followed by Oil and Gas, which was up 0.2 percent. FMCG stocks, however, came under pressure, with the Nifty FMCG index dropping 0.75 percent — the steepest sectoral fall of the day — while PSU Bank declined 0.74 percent.
Midcap and small-cap stocks also saw mild profit booking. The Nifty Midcap 100 slipped 0.24 percent, and the Nifty Smallcap 100 fell 0.21 percent.
Analysts attributed the weakness to rising oil prices and investor caution amid growing speculation of renewed U.S.-China trade tensions. The combination of geopolitical uncertainty and sanctions-related developments prompted traders to pare back positions ahead of the weekend. (Source: IANS)
