Market ends six-day rally as selling hits key sectors

The stock market on Friday snapped a six-day winning streak and dragged Nifty near 25,700 intraday. The development comes amid selling across the sectors, barring metal and telecom names.

At close, the Sensex was down 344.52 points or 0.41% at 84,211.88, and the Nifty was down 96.25 points or 0.37% at 25,795.15. BSE Midcap and Smallcap indices are trading flat.

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Among the sectors, barring Nifty Metal and Nifty Realty, all other indices declined. The metal index jumped 1.03% while the realty counter added 0.18%.

On the flip side, Nifty Private Bank, Nifty FMCG and Nifty PSU Bank indices shed the most, down 0.81%, 0.75% and 0.74%, respectively.

On Nifty Bank, Kotak Mahindra Bank shares dropped around 1.5% to close at Rs 2,192.50 apiece. Axis Bank, HDFC Bank, AU Small Finance Bank and Punjab National Bank (PNB) shares followed, dropping more than 1% each.

Shares of metal companies jumped in trade, bucking the overall downturn in the stock markets.

National Aluminium Company (NALCO) shares have gained over 4%, while Hindalco Industries and Hindustan Copper shares have gained more than 3% each. Vedanta shares were up nearly 3%.

On Nifty50, nearly 16 stocks closed in the green while 34 stocks settled in the red.

Those in the green were Hindalco, emerging as the best performer with a 4.11% rise. ICICI Bank, Bharti Airtel, Shriram Finance, ONGC and Bharat Electronics were among the other top winners, gaining 0.90% to 1.05%.

Cipla shares cracked the most at 3.68% despite its deal with Eily Lilly. HUL, Max Healthcare, UltraTech Cement and Adani Ports also emerged as top losers, shedding between 1.8% to 3.3%.

Around 1,853 stocks advanced and 2,323 stocks declined while 166 stocks remained unchanged in trade.

As many as 60 stocks touched 52-week highs while 39 stocks hit 52-week lows. Those touching highs included DCB Bank, Federal Bank, Hindalco, Indian Bank, Motilal Oswal, and Shipping Corporation of India.

Jindal Saw, JSW Cement, Orient Hotels, Tejas Network, and Westlife Foodworld were among the well-known stocks that plumbed 52-week lows.