Market extends losing streak, Nifty falls below 25,000

The stock market on Friday extended the losing streak for the second consecutive session, with the Nifty falling below 25,000. The index hit a one-month low amid selling across the sectors, barring metal and media.

At close, the Sensex was down 501.51 points, or 0.61 per cent, at 81,757.73, and the Nifty was down 143.05 points, or 0.57 per cent, at 24,968.40.

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BSE Midcap and Smallcap indices performed in line with the main indices, falling 0.6 per cent each. For the overall week, BSE Sensex and Nifty shed nearly a per cent each.

The cumulative market capitalisation of the firms listed on the BSE dropped to over Rs 458 lakh crore from nearly Rs 461 lakh crore in the previous session.

Among the sectors, all the indices ended in the negative. However, Nifty Media and Metal indices rose 0.96 per cent and 0.37 per cent, respectively. Nifty IT ended flat.

Among the financial services, Nifty Bank and Financial Services indices dropped almost 1% each, while the Private Bank index crashed 1.46 per cent, and the PSU Bank index slipped 0.66 per cent.

Shares of Axis Bank tumbled over 5 per cent to Rs 1,099 apiece after the lender posted a weak set of numbers for the June quarter.

On Nifty, the top gainers of the index were Wipro up by 2.21 per cent, Bajaj Finance up 1.97 per cent , and Tata Steel up by 1.63 per cent. While around 33 stocks ended in the red in the Nifty 50 index.

Some of the notable ones were Axis Bank down by 5.27 per cent, Shriram Finance down by 3.06 per cent and BEL down by 2.38 per cent.

Shares of Wipro surged over 2 per cent to Rs 266 after the company reported a June quarter performance that was better than expected.

On BSE, 143 stocks hit their 52-week high while 45 stocks touched 52-week lows. The notable ones hitting highs were Anand Rathi Wealth Ltd, Biocon Ltd, Dalmia Bharat Ltd, Gujarat Mineral Development Corporation Ltd, HDFC Asset Management Company Ltd, JK Cement Ltd, Krishna Institute of Medical Sciences Ltd, Nuvoco Vistas Corporation Ltd, Piramal Enterprises Ltd, and RBL Bank Ltd.

On the lows were Bharat Global Developers Ltd, HDB Financial Services Ltd, Mirae Asset Nifty India Internet ETF, Jindal Worldwide Ltd, Network People Services Technologies Ltd, and Sukhjit Starch & Chemicals Ltd.

In July, the Foreign Institutional Investors (FIIs) sold more stocks than they bought after experiencing significant inflows in prior months.

This has indicated increasing global risk aversion and a change in sentiment.