Street Extends Losses to Day 2, Ends Week in Red; PSU Banks Crash

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Street Extends Losses to Day 2, Ends Week in Red; PSU Banks Crash
Credit: © Reuters.

By Malvika Gurung -- The domestic market closed lower on Friday, extending the losing streak to a second straight session, witnessing sell-offs across all sectors, tracking weak global cues as recession fears resurge on the hawkish outlook by different central banks on reining high inflation.

Indian benchmark equity indices Nifty50 ended 0.79% lower at 18,269 points and Sensex tumbled 0.75% or 461.22 points on Friday, making this the second week to end with consecutive losses. Nifty corrected 1.23% this week.

All sectors under the Nifty umbrella finished deep in red, led by a steep decline in Nifty PSU Banks, plunging 2.92%, followed by Nifty Realty and Nifty Pharma . Nifty Bank ended 0.64% lower. The market volatility barometer India VIX jumped 2.45% to 14.07.

Broad market indices underperformed their headline peers, with Nifty Midcap 100 tanking 1.6% and the broadest index Nifty 500 sliding 0.93% on Friday.

Barring 5 stocks, all constituents of the Nifty50 index ended the day in red, led by Adani (NS: APSE ) Ports, M&M (NS: MAHM ) and Bharat Petroleum (NS: BPCL ), while heavyweights Tata Motors (NS: TAMO ) and Hindustan Unilever (NS: HLL ) provided support.

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