Stock Market Closing Today: Sensex, Nifty Nosedive After Early Morning Gains; Banking, Metals Drag. Image Source: Canva
Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets. Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said. Profit-taking also came into play as the 30-share BSE Sensex tanked 609.28 points or 0.82 per cent to settle at 73,730.16. During the day, it lost 722.79 points or 0.97 per cent to 73,616.65. The NSE Nifty declined 150.40 points or 0.67 per cent to 22,419.95.
Bajaj Finance was the biggest drag on the Sensex chart, skidding nearly 8 per cent after the company’s March quarter earnings failed to cheer investors. Bajaj Finserv also declined over 3 per cent. IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards.
Vinod Nair, Head of Research, Geojit Financial Services, noted “The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings.”
Meanwhile, Tech Mahindra jumped over 7 per cent after the IT services company’s CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins. Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers.
(PTI Inputs)
