Indian benchmark indices ended lower on Friday, weighed down by a pull-back in heavy-weight financial and information technology stocks following a rally earlier in the week.
The BSE Sensex shed 200.15 points, or 0.24%, to close at 82,330.59, while the NSE Nifty 50 declined 42.30 points, or 0.17%, to settle at 25,019.80.
The market capitalization of all listed companies on the BSE increased by Rs 1.78 lakh crore to Rs 442.76 lakh crore.
Sector Watch
Among the 30 Sensex stocks, Bharti Airtel, HCL Technologies, Infosys, SBI, and Tech Mahindra were the top laggards, declining between 0.8% and 2.8%.
The Nifty IT index slipped 0.8%, while the Nifty Financial Services index ended flat.
The IT index had rallied nearly 7% over the past four sessions, buoyed by easing recession fears in the U.S. following a trade truce with China. Financials gained around 4% during the same period.
In contrast, broader markets outperformed. The Nifty Midcap 100 rose 0.9% and the Nifty Smallcap 100 jumped 1.9%, driven by gains in defence stocks and strong post-earnings moves in names like Crompton Greaves Consumer.
Bharti Airtel dropped 2.8% after major shareholder Singapore Telecommunications offloaded a $1 billion stake.
Expert View
"Markets traded lackluster after Thursday’s surge and ended marginally lower, in the absence of any fresh triggers, said Ajit Mishra – SVP, Research at Religare Broking, adding that the tone remained subdued from the outset, with consolidation in heavyweight stocks across sectors capping the move throughout the session.
"On the sectoral front, a mixed trend kept participants engaged. Realty, energy, and auto sectors edged higher, while IT witnessed some profit-taking, declining by nearly a percent. The broader indices outperformed amid mixed cues, with themes like defense and railways continuing to attract notable buying interest."
More than the recovery in the benchmark index, the broad-based rebound has offered greater relief to market participants with sustained FII inflows and stable global markets further contributing to the positive sentiment, said Mishra.
The Nifty remained in consolidation mode today, taking a breather after Thursday's rally with overall sentiment continuing to stay firm, with sectoral themes playing out, said Rupak De, Senior Technical Analyst at LKP Securities.
"Indicators and overlays are consistently pointing towards further strength in the short term. Any dips are likely to be bought into, with support placed at 25,000/24,800. On the higher side, a move above 25,120 could take the index towards 25,250/25,350," said De.
Global Markets
European stocks were set to end the week higher on Friday, supported by upbeat earnings and a rally sparked by the U.S.-China trade truce. Low oil prices also provided a tailwind for both equities and bonds. The STOXX 600 rose 0.57% on the day and 1.6% for the week, marking its fifth straight weekly gain.
In Asia, markets ended the week on a softer note as optimism over the trade truce faded. Still, MSCI’s Asia-Pacific index (ex-Japan) rose over 3% for the week. The S&P 500 is up 4.5% so far, with futures pointing to more gains.
Investors remain cautiously optimistic, with U.S. data due later including the University of Michigan consumer sentiment and April import prices.
Bond markets rallied on rising bets of U.S. policy easing. The 10-year Treasury yield fell 4 basis points to 4.41%, extending a 7-bps drop overnight. Euro zone yields also declined.
Gold slipped 1.23% to $3,200 an ounce, paring a 2% overnight rally. It’s down 3.7% for the week.
Crude Impact
Oil prices were largely steady on Friday, on track for a modest weekly gain. Easing U.S.-China trade tensions lent support, but gains were capped by expectations of increased supply from Iran and the OPEC+ alliance.
Brent crude edged up 5 cents to $64.58 a barrel, while U.S. West Texas Intermediate rose 2 cents to $61.64 as of 0953 GMT.
Rupee vs Dollar
Indian equity benchmarks ended the week higher, supported by easing tensions with Pakistan, progress in U.S. trade talks, and expectations of domestic rate cuts.
The Nifty 50 climbed 4.21% to 25,019.80 for the week, while the BSE Sensex gained 3.62% to 82,330.59. However, both indexes slipped around 0.2% on Friday, weighed down by a pullback in IT stocks.
Meanwhile, the dollar index, which measures the greenback against six major currencies, edged down 0.12% to 100.75.
(with inputs from agencies)
The BSE Sensex shed 200.15 points, or 0.24%, to close at 82,330.59, while the NSE Nifty 50 declined 42.30 points, or 0.17%, to settle at 25,019.80.
The market capitalization of all listed companies on the BSE increased by Rs 1.78 lakh crore to Rs 442.76 lakh crore.
Sector Watch
Among the 30 Sensex stocks, Bharti Airtel, HCL Technologies, Infosys, SBI, and Tech Mahindra were the top laggards, declining between 0.8% and 2.8%.
The Nifty IT index slipped 0.8%, while the Nifty Financial Services index ended flat.
The IT index had rallied nearly 7% over the past four sessions, buoyed by easing recession fears in the U.S. following a trade truce with China. Financials gained around 4% during the same period.
In contrast, broader markets outperformed. The Nifty Midcap 100 rose 0.9% and the Nifty Smallcap 100 jumped 1.9%, driven by gains in defence stocks and strong post-earnings moves in names like Crompton Greaves Consumer.
Bharti Airtel dropped 2.8% after major shareholder Singapore Telecommunications offloaded a $1 billion stake.
Expert View
"Markets traded lackluster after Thursday’s surge and ended marginally lower, in the absence of any fresh triggers, said Ajit Mishra – SVP, Research at Religare Broking, adding that the tone remained subdued from the outset, with consolidation in heavyweight stocks across sectors capping the move throughout the session.
"On the sectoral front, a mixed trend kept participants engaged. Realty, energy, and auto sectors edged higher, while IT witnessed some profit-taking, declining by nearly a percent. The broader indices outperformed amid mixed cues, with themes like defense and railways continuing to attract notable buying interest."
More than the recovery in the benchmark index, the broad-based rebound has offered greater relief to market participants with sustained FII inflows and stable global markets further contributing to the positive sentiment, said Mishra.
The Nifty remained in consolidation mode today, taking a breather after Thursday's rally with overall sentiment continuing to stay firm, with sectoral themes playing out, said Rupak De, Senior Technical Analyst at LKP Securities.
"Indicators and overlays are consistently pointing towards further strength in the short term. Any dips are likely to be bought into, with support placed at 25,000/24,800. On the higher side, a move above 25,120 could take the index towards 25,250/25,350," said De.
Global Markets
European stocks were set to end the week higher on Friday, supported by upbeat earnings and a rally sparked by the U.S.-China trade truce. Low oil prices also provided a tailwind for both equities and bonds. The STOXX 600 rose 0.57% on the day and 1.6% for the week, marking its fifth straight weekly gain.
In Asia, markets ended the week on a softer note as optimism over the trade truce faded. Still, MSCI’s Asia-Pacific index (ex-Japan) rose over 3% for the week. The S&P 500 is up 4.5% so far, with futures pointing to more gains.
Investors remain cautiously optimistic, with U.S. data due later including the University of Michigan consumer sentiment and April import prices.
Bond markets rallied on rising bets of U.S. policy easing. The 10-year Treasury yield fell 4 basis points to 4.41%, extending a 7-bps drop overnight. Euro zone yields also declined.
Gold slipped 1.23% to $3,200 an ounce, paring a 2% overnight rally. It’s down 3.7% for the week.
Crude Impact
Oil prices were largely steady on Friday, on track for a modest weekly gain. Easing U.S.-China trade tensions lent support, but gains were capped by expectations of increased supply from Iran and the OPEC+ alliance.
Brent crude edged up 5 cents to $64.58 a barrel, while U.S. West Texas Intermediate rose 2 cents to $61.64 as of 0953 GMT.
Rupee vs Dollar
Indian equity benchmarks ended the week higher, supported by easing tensions with Pakistan, progress in U.S. trade talks, and expectations of domestic rate cuts.
The Nifty 50 climbed 4.21% to 25,019.80 for the week, while the BSE Sensex gained 3.62% to 82,330.59. However, both indexes slipped around 0.2% on Friday, weighed down by a pullback in IT stocks.
Meanwhile, the dollar index, which measures the greenback against six major currencies, edged down 0.12% to 100.75.
(with inputs from agencies)
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