The market closed lower for the second consecutive session, resulting in the BSE Sensex and Nifty 50 hitting one-week lows. The BSE Sensex dropped by 366 points to 65,323, while the Nifty 50 declined by 115 points to reach 19,428 making investors poorer by over Rs 87,000 crore on Friday.

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The Nifty Bank also faced a setback, sliding by 343 points to 44,199, and the Midcap Index experienced a decline of 171 points to close at 37,836.

The market recorded losses for three consecutive weeks, a first in five months. Both the Sensex and Nifty slipped by more than 0.5 percent each, while the Midcap Index managed to post gains of 0.5 percent.

Within the Nifty, there were prominent decliners including IndusInd Bank, NTPC, SBI Life Insurance, UPL, Tata Consumers and Asian Paints, while on the other hand, HCL Technologies, Titan Company, Power Grid Corporation, Tata Steel emerged as gainers.

The PSU Bank index managed to register a gain of 1 percent. However, both the pharmaceutical and bank indices experienced a decline of 1 percent each. Furthermore, the auto, FMCG, metal, and oil & gas sectors each faced a dip of 0.5 percent.

Among the notable stock movers, Apollo Tyres and Alkem witnessed an 8 percent drop each due to lower-than-expected earnings. Zee Entertainment saw profit booking following a substantial surge on Thursday subsequent to the merger nod. Info Edge reported weak earnings, leading to a decline of more than 4 percent

Can Fin slipped by 7 percent from its highs as the management responded to concerns regarding the Ambala branch fraud. On the other hand, REC and Supreme Industries gained ground, whereas HDFC AMC saw profit booking after its inclusion in the MSCI index.

HCL Tech emerged as the top Nifty gainer, rising by 3 percent following an $2.1 billion order. However, Divi’s and ITC remained weak ahead of their upcoming earnings announcement on Monday.

Despite posting healthy results, Hero MotoCorp fell by more than 1 percent. , Hindustan Copper extended its gaining streak, rising by 7 percent. Bharat Forge received a lift from positive management commentary, pushing the stock up by nearly 2 percent.

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Among the Nifty stocks, 26 witnessed losses, with Britannia, Asian Paints, Nestle, and Bajaj Auto ranking among the top losers. On the positive side, M&M, Titan, Tech Mahindra, SBI Life, and L&T Infotech emerged as the top Nifty gainers.

In the midcap space, Zee, REC, India Cements, Trent, Manappuram, and Max Financial Services emerged as the top gainers. Conversely, Apollo Tyres, Info Edge, GNFC, Alkem, and Granules faced declines.

First Published:Aug 11, 2023 3:44 PM IST