Indian equity markets witnessed a decline on Friday, with the BSE Sensex falling 423.49 points and the NSE Nifty 50 declining by 108.60 points. The negative trend was led by IT stocks and banking sector, as some heavyweights in these sectors reported mixed quarterly earnings. Despite the decline in benchmark indices, the market capitalisation of BSE-listed companies increased to ₹42,980,829.60 crore, indicating overall positive investor wealth creation.
IT majors like Infosys and Wipro saw significant drops, while banking stocks such as Axis Bank, Kotak Mahindra Bank, and Shriram Finance also witnessed selling pressure. On the other hand, energy and consumer stocks like BPCL, Reliance Industries, Coal India, Hindalco, and Nestle India provided some support to the market.
The broader markets showed resilience as the Nifty Next 50 and Nifty Midcap Select indices posted gains. However, the banking sector indices underperformed, with Nifty Bank and Nifty Financial Services declining.
Market breadth remained positive, with more stocks advancing than declining on the BSE. Foreign portfolio investors were net sellers, while domestic institutional investors remained net buyers. The ongoing tussle between bulls and bears, along with mixed market sentiment, limited the upward momentum in the market.
Railway stocks gained attention amid expectations of increased CAPEX for Indian Railways in the upcoming budget. The Indian rupee continued to depreciate against the US dollar, while crude oil prices rose, adding to market concerns.
Overall, the market remained under pressure due to rising US bond yields, persistent FII selling, and geo-political uncertainties. Investors are closely watching the earnings season and global economic developments for further cues on market direction.
