Market snaps six-day gaining streak amid all-round selling across sectors

The stock market on Friday ended the week on a negative note, snapping a six-day gaining streak.

Nifty 50 closed below 24,900 amid all-round selling across sectors, except for media and pharma.

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At close, the Sensex fell 693.86 points, or 0.85%, to 81,306.85, while the Nifty dropped 213.65 points, or 0.85%, to 24,870.10. BSE Midcap and Smallcap indices also ended lower.

The overall market capitalisation of BSE-listed firms dropped to below Rs 454 lakh crore from Rs 456.3 lakh crore in the previous session.

Among the sectors, FMCG, Metal, IT, Realty, and Oil & Gas fell by up to 1%.

Nifty Bank ended with a sharp loss of 1.09%, the Financial Services index fell 0.96%, while the PSU Bank and Private Bank also dropped by up to 1%.

Defence stocks surged after Russia intensified its attacks on Ukraine despite efforts by the US President Donald Trump-led administration to negotiate a peace. DCX Systems shares rallied around 10.5%, while Hindustan Aeronautics, Bharat Electronics, and Paras Defence shares gained around 1% each.

Around 151 stocks hit their 52-week highs, while 53 stocks touched their 52-week lows.

Those on the highs included Aditya Birla Capital Ltd, Apollo Hospitals Enterprise Ltd, Cummins India Ltd, JM Financial Ltd, Lemon Tree Hotels Ltd, Nippon Life India Asset Management Ltd, One 97 Communications Ltd (Paytm), Sai Life Sciences Ltd, and UNO Minda Ltd.

On the lows, notable mentions included Agarwal Industrial Corporation Ltd, Bajaj Steel Industries Ltd, Hikal Ltd, Pakka Ltd, Polyplex Corporation Ltd, Praveg Ltd, Regaal Resources Ltd, and Shivalik Rasayan Ltd.

Out of 4,240 stocks traded on the BSE, 1,757 advanced, while 2,322 declined. Some 161 stocks remained unchanged.

Vodafone Idea stock jumped over 9% after a report said that the PMO is set to take a call on a relief proposal for the telecom major.

Investor sentiment turned cautious ahead of the US Fed Chair’s speech.