Indian shares ended Friday's trading session with losses on selling pressure in metal and energy stocks amid a bearish trend in global equity markets. Rising crude prices and continued selling by foreign investors also weighed on market sentiment, analysts said. The 30-share BSE Sensex dropped 123.52 points or 0.52 percent to 60,682.70, while the broader NSE Nifty fell 36.95 points or 0.21 percent to 17,856.50.

Share Market Live

NSE

As many as 18 stocks in the Sensex ended in the red. Adani Enterprises, HCL Technologies, Hindalco Industries, Tata Steel and Coal India were among the biggest losers on the Nifty, while gainers included Tata Motors, UPL, Cipla, Hero MotoCorp and L&T.

HCL Tech was the biggest loser on the Sensex chart, shedding 2.79 percent.

The stocks of Adani Group companies were in focus as index provider MSCI Inc reduced the weightage of four firms in its index after a review. Adani Enterprises, Adani Transmission and Adani Total Gas finished 3.78 percent, 5 percent and 5 percent lower respectively.

Paytm dropped nearly 8 percent after 3.4 percent equity change hands via block deal. Tata Motors ended more than 2 percent higher as company hiked price of Tiago EV variant. Mahindra & Mahindra finished near flatline despite strong operational performance in third quarter.

Alkem Labs surged 2 percent after US business reported over 30 percent growth year-on-year. GAIL rose more than 1 percent from lows as company signed contract with CBDT for LNG sourcing.

The broader index slightly outperformed the market and surged by 0.2 percent. Nifty Bank rose 5 points to 41,559 and midcap index increased by 72 points to 31,029.

Piramal Ent, Aurobindo Pharma, Indus Towers & Escorts Kubota were top midcap gainers. Paytm, Lupin, Astral, United Breweries and Shriram Finance were top midcap losers.

Market breadth favoured advances. with advance-decline ratio at 1:1.

Commenting on the same, Joseph Thomas, Head of Research at Emkay Wealth Management said the equity markets continued in the corrective mode after the Fed and the RBI announced further hike in the base rate.

"What was surprising was the firmer tone of both the central banks regarding inflation containment, as both sounded quite determined to hike rates again if data points favor the same. The corrective downward movements would render the domestic markets less expensive in terms of valuations, and greater participation is expected of investors through graduated investments in the coming months. The trajectory of the US Dollar especially the Dollar Index is being tracked by investors and analysts alike to deduce the prospects for local currencies as it is crucial for overseas investors," he said.

Meanwhile, the rupee slipped 4 paise to close at 82.55 against the US dollar on Friday. International oil benchmark Brent crude was trading 2.32 percent higher at $86.46 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in capital markets as they offloaded shares worth Rs 144.73 crore on Thursday, according to exchange data.

Markets this week

Market finished the week on a mixed note. Sensex was 0.3 percent down, while Nifty ended flat. Midcap index outperformed in the week, rising over 2 percent, while Nifty bank added 0.1 percent. Nifty Media, Nifty Realty & Nifty Pharma were the top gaining indices this week.

Adani Ent, Adani Ports, Bajaj Finance, HDFC Life and IndusInd Bank were the top Nifty gainers. Paytm, Indus Towers, Voda Idea, Aurobindo Pharma and ABB India were top midcap gainers.

Tata Steel, Hindalco, Coal India, Eicher Motors and Bharti Airtel were the top Nifty losers.

First Published:Feb 10, 2023 3:34 PM IST