The Indian equity markets experienced a downtrend in the afternoon trading session on Friday, with the Sensex and Nifty both registering losses. The Sensex fell by 362.14 points, a decline of 0.47%, to reach 76,680.68, while the Nifty dropped by 85.95 points, or 0.37%, to 23,225.85. The main contributors to this decline were technology and banking stocks.
Infosys, one of the key players in the IT sector, emerged as the top loser, plummeting by 5.46% following the release of its quarterly results. Axis Bank also witnessed a significant drop of 4.83%. The banking sector as a whole recorded widespread selling, with the Nifty Bank index sliding by 1.55% to 48,514.65. Other major banking stocks such as Kotak Bank and Shriram Finance also saw declines of 2.74% and 2.75%, respectively.
On the other hand, Reliance Industries provided some support to the indices by gaining 2.88% after delivering a strong performance in the third quarter. BPCL, Nestle India, and Tata Consumer Products were among the other notable gainers, advancing by 2.85%, 2.31%, and 2.18%, respectively.
In the broader market, the Nifty Next 50 index recorded a gain of 0.59% to reach 64,947.90, while the Nifty Midcap Select index marginally rose by 0.13% to 12,234.20. Despite these gains, the overall market breadth remained negative, with more stocks declining (2,017) than advancing (1,755) on the BSE.
Several stocks hit their 52-week highs and lows, with 81 reaching their highs and 48 touching their lows. Additionally, circuit filters were triggered for 418 stocks, with 203 hitting the upper circuit limits and 215 touching the lower circuit limits.
The Nifty Financial Services index mirrored the weakness seen in the banking sector, declining by 1.43% to 22,616.35. Investors are closely monitoring upcoming corporate results and economic data from China for further insights into market direction.
Overall, the market continues to witness heightened volatility, with foreign institutional investors maintaining their selling stance. External factors, including movements in commodity prices, are also influencing investor sentiment. As the market dynamics continue to evolve, investors are advised to stay informed and exercise caution in their trading decisions.
