Nifty Snaps 3-Day Winning Run, Ends in Red; IT, Banks Exert Pressure

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Nifty Snaps 3-Day Winning Run, Ends in Red; IT, Banks Exert Pressure
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended on a negative note on Friday, snapping a three-day winning run, after making a lower opening earlier in the session following gloomy global cues on a fresh set of strong US economic data released in the overnight session, along with hawkish comments from two Fed officials on Thursday.

Headline indices Nifty50 declined 0.51% to close Friday’s session at 17,944.2 points, and Sensex tanked 316.94 points or 0.52%.

The market fear gauge India VIX rose 1.51% to 13.09 levels on Friday.

Selling on Dalal Street was witnessed across most sectors, led by IT, banking, financial services and realty sectors. On the Nifty index, the Adani Group flagship company Adani Enterprises (NS: ADEL ) was the leading loser, tanking 5.2% and closing the session 4.32% lower.

Nestle (NS: NEST ) India, IndusInd Bank (NS: INBK ), SBI Life (NS: SBIL ), SBI (NS: SBI ), TCS (NS: TCS ), M&M (NS: MAHM ), HDFC Life (NS: HDFL ), Infosys (NS: INFY ) and HCL Tech (NS: HCLT ) were other top Nifty stocks putting damp on the Indian market, while heavyweights L&T (NS: LART ), UltraTech Cement (NS: ULTC ), Hero MotoCorp (NS: HROM ), Bharat Petroleum (NS: BPCL ), Coal India (NS: COAL ) and Asian Paints (NS: ASPN ) were some stocks extending support to the Street.

Sectoral indices under the Nifty umbrella ended in the red barring Nifty Oil & Gas . Nifty Realty slid the most, followed by Nifty PSU Bank , Nifty IT and Nifty Bank .

Meanwhile, investors on Dalal Street were left poorer by Rs 1.4 lakh crore in Friday’s session.

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