The Indian equity benchmark indices closed the session in the red for the third consecutive day amidst volatility after opening with minor gains. Market breadth declined Friday with two stocks falling for one that rose.

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The 30-scrip Sensex closed at 60,821, falling over 100 points and the Nifty50 index lost 63 points to end at 18,114. The broader markets underperformed as both mid-caps and small-caps fell 0.8 and 1.25 percent, respectively.

The indices snapped a two-week gaining streak to close 1 percent lower for the week. The midcap index also snapped an eight-week gaining streak and plunged 4 percent for the week.

Among the 50 stocks on Nifty, HDFC, Baja Auto, Kotak Mahindra Bank, Axis Bank, and ONGC lead the gains, as each scrip rose over 1 to 2 percent higher. Leading the losses were Hindalco, Coal India, Tata Motors, ITC, and Tata Consumer. All eyes remained on Reliance Industries today ahead of its second-quarter earnings. HDFC closed at record high, lifting Nifty by over 26 points. HDFC Life, however, failed to hold the recovery and plunged half a percent.

Among sectors on NSE, a strong rally was seen in realty and financial stocks. Meanwhile, metal index plunged over 3 percent and media stocks closed 2 percent lower. IT and FMCG indices were both down over 1 percent. Pharma and healthcare indices both lost over 1.5 percent.

Globally, shares were on course for their third straight week of gains, buoyed by Asian peers, while the dollar dipped and oil prices held steady.

MSCI's broadest gauge of global shares was trading 1.4 percent higher on the week and just 0.8 percent off its all-time high. Europe's top markets were all in the green, with the biggest, Britain's FTSE 100, up almost half a percent.

That followed gains in Asia, where equity bulls were also comforted by news that heavily indebted Chinese property firm China Evergrande Group had made a surprise interest payment, averting a default for now.

US stock futures, however, point to a 0.1 percent lower open, after the cash index posted a record closing high overnight. The Fed has signalled it could start to taper stimulus as soon as next month, with rate hikes to follow late next year. Full employment is among the Fed's stated requirements for rates lift-off.

Across commodities, oil was flat with Brent crude set for its first losing week in seven and West Texas Intermediate its first in nine. Gold was up 0.5 percent on the back of the weaker dollar, on course for its second week of gains.

With inputs from Reuters

(Edited by : Yashi Gupta)

First Published:Oct 22, 2021 3:43 PM IST