Markets extend losses for fourth day as profit-booking takes hold; Nifty slumps below 15k level
The 30-share BSE Sensex ended 434.93 points or 0.85 percent lower at 50,889.76, pressured by robust selling in banking and auto counters
Mumbai: The Sensex tumbled 435 points while the Nifty slumped below the 15,000-mark on Friday as markets buckled under selling pressure for the fourth session on the trot amid a lacklustre trend in global markets.
The 30-share BSE Sensex ended 434.93 points or 0.85 percent lower at 50,889.76, pressured by robust selling in banking and auto counters.
Similarly, the broader NSE Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 percent to 14,981.75.
A day after topping the Sensex gainer's chart, ONGC emerged as the biggest laggard in Friday's session, tumbling 5.06 percent. It was followed by SBI, Axis Bank, ICICI Bank, Bajaj Auto, Maruti and M&M, which shed up to 3.77 percent. On the other hand, IndusInd Bank, HUL, Dr Reddy's, NTPC, Reliance Industries and Bajaj Finserv were among the gainers, climbing up to 1.97 percent.
During the week, the Sensex declined 654.54 points or 1.26 percent, and Nifty fell 181.55 points or 1.19 percent.
"The Nifty-50 and BSE Sensex declined by 1.2 percent this week as market mood became cautious on rising global and local bond yields. The broader markets that is NSE Mid Cap 100 Index and BSE Small Cap Index are both in the green this week. The US 10 Year Bond yields have risen from below 1 per cent to 1.29 per cent, building in economic impact of the USD 1.9 trillion stimulus package," said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
"In India too the 10-year bond yields have moved up from the recent low of 5.76 percent to 6.13 percent, which could mainly be linked to the higher fiscal deficit estimates... Almost 37 stocks from Nifty-50 lost ground this week with Pharma and select consumers having lost the most," Oza added.
Sectorally, BSE auto, metal, bankex, healthcare and finance indices lost as much as 2.59 percent, while the energy index was the sole gainer.
Broader BSE midcap and smallcap indices fell up to 1.67 percent.
Global markets were mixed amid weak macroeconomic data from the US and Europe, casting a cloud over expectations of a swift economic recovery. Elsewhere in Asia, markets in Tokyo ended on a negative note, while Shanghai, Hong Kong and Seoul closed with gains.
Stock exchanges in Europe were also trading in the positive terrain in mid-session deals. Meanwhile, the global oil benchmark Brent crude slipped 1.24 percent to $63.14 per barrel. Domestic currency markets were closed on Friday on account of Chhatrapati Shivaji Maharaj Jayanti.
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ONGC was the top gainer in the Sensex pack, rallying around 6 percent, followed by L&T, Bajaj Finance and Bajaj Finserv
Tokyo was the standout performer, with the Nikkei 225 breaking through 30,000 points for the first time in 31 years
The 30-share BSE Sensex slumped 400.34 points or 0.77 percent to close at 51,703.83 while the broader NSE Nifty tumbled 104.55 points or 0.68 percent to 15,208.90