Indian benchmark indices closed lower on Friday for the second straight session amid cautious global sentiment. While the midcaps outperformed peers, financials were under the pressure. The worries that the spread of the Delta variant of coronavirus may hamper global economic recovery weighed on investor sentiment.

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The Sensex plunged 182 points to end at 52,386, and the Nifty 50 lost 38 points to settle at 15,689.

Broader markets, however, enjoyed some buying as midcaps outperformed peers. Nifty's midcap and smallcap indices rose over half a percent, with AU Bank rising nearly 5 percent.

Krishna Kumar Karwa, MD of Emkay Global said the equity market is not in a position to absorb negative news and is in the mood to consolidate now.

In an interview with CNBC-TV18, he said: “There will be some short-term variations that we will also see whenever global markets are weak and some of the stocks in our markets are also heavy in terms of the overall position and the market is not in a position to absorb any bit of negative news. The market has run-up a lot and seems to be in a mood to consolidate.”

On the Nifty50 index, Tata Steel, Bajaj Finserv, Adani Ports, Bharti Airtel, and Divi’s Lab were the top gainers. And Bajaj Auto, TCS, HDFC Bank, Reliance, and Axis Bank led the losses.

Metal stocks continued to gain momentum off brokerages' positive note. Of the indices, Nifty Realty and Metal closed over 2 percent higher. Market breadth favours advances, with the advance-decline ratio at 3:2.

Nifty Media closed nearly 1 percent higher and Nifty Pharma closed over half a percent higher. Nifty FMCG ended flat. Financials and Auto stocks ended the day in the red, with Nifty Bank closing half a percent lower.

Shares of Bharat Dynamics (BDL) jumped as much as seven percent to its day's high of Rs 399 on BSE on Friday after the firm signed a contract worth about Rs 499 crore with the Ministry of Defence to manufacture and supply Akash Missiles to the Indian Air Force.

Reliance Industries fell for the fourth straight session and slipped over one month low. Financials remained under pressure, with HDFC Bank, ICICI Bank, and Kotak Mahindra Bank being the top losers. DLF shares rose nearly 4 percent after CLSA upgraded the stock to buy rating with a target price of Rs 35.

On the IPO front, the offering of GR Infraprojects was subscribed 12.42 times on July 9, the final day of the bidding process. Investors have put in bids for around 10 crore equity shares against an offer size of 81.23 lakh shares.

The offering of speciality chemical company Clean Science and Technology has been subscribed 9.32 times on July 9, the third day of bidding. The offer has received bids for 11.4 crore equity shares against an IPO size of 1.23 crore equity shares.

(Edited by : Yashi Gupta)

First Published:Jul 9, 2021 3:34 PM IST