Indian indices pared early gains to end over 1 percent lower on Friday dragged by banks and financial stocks. All key sectors, except metal and pharma, also turned negative weighing on the sentiment. Sentiment was also lowered as rising inflation raised doubts about a further rate cut by the RBI.

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The Sensex ended 433 points lower at 37,877 while the Nifty lost 122 points to settle at 11,178. Both benchmarks also ended in red for the week.

Broader markets were also in line with benchmarks with midcap and smallcap indices down 0.8 percent and 1 percent, respectively.

Among stocks, JSW Steel, Coal India, Sun Pharma, Cipla, and NTPC were the top gainers, while, Eicher Motors, Tata Motors, Axis Bank, Bajaj Finance, and M&M led the losses. Market breadth turned in favour of declines for first time this week, ratio at 2:3.

The banking index pared early gains to turn negative, ending over 2 percent lower for the day. Nifty Auto also lost 2.7 percent and Nifty Fin Services declined 2 percent. Meanwhile, the FMCG and IT indices fell 1.2 percent and 0.4 percent for the day. However, Nifty Pharma added 1.5 percent and Nifty Metal rose 0.9 percent today.

Eicher Motors fell 7 percent after the company reported a weak set of June-quarter results. The Royal Enfield manufacturer reported a consolidated loss of Rs 55.2 crore for the quarter ended June 2020 as compared to last year's profit of Rs 451.8 crore.

First Published:Aug 14, 2020 3:35 PM IST