Market extends fall with Nifty slipping below 25,300; eyes on GST cut impact

The stock market on Friday opened lower and extended the fall, with Nifty slipping below 25,300.

At close, the Sensex was down 387.73 points, or 0.47 per cent at 82,626.23, and the Nifty was down 96.55 points, or 0.38 per cent at 25,327.05.

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Further, the BSE Midcap and smallcap indices ended flat. Also for the week, BSE Sensex and Nifty gained nearly a per cent each.

Among the sectors, Consumer Durables was down 0.65 per cent, Media down by 0.50 per cent, IT down by 0.47 per cent, FMCG down by 0.44 per cent, and Auto was down by 0.40 per cent.

The key ones ending with gains were Nifty PSU Bank up by 1.28 per cent, Realty up by 0.55 per cent, Pharma up by 0.50 per cent, and Metal was up by 0.35 per cent.

Further, the Nifty Bank and Financial Services ended with significant losses of 0.48 per cent and 0.64 per cent, respectively, while the Nifty Private Bank was down 0.65 per cent.

On Nifty, the top gainers were Adani Enterprises up by 5.25 per cent, SBI Life Insurance Company, up by 1.33 per cent, and IndusInd Bank, up by 1.16 per cent while the shares of HCL Technologies were down 1.59 per cent, ICICI Bank down by 1.35 per cent, and Trent down by 1.21 per cent ended as the top losers in the index.

Around 162 stocks hit their 52-week highs, while in contrast, 60 stocks touched 52-week lows.

Those on the highs included Adani Power Ltd, Affle 3I Ltd, Ashok Leyland Ltd, Eicher Motors Ltd, Eternal Ltd, Gujarat Mineral Development Corporation Ltd, Hyundai Motor India Ltd, JSW Steel Ltd, Laurus Labs Ltd, Maruti Suzuki India Ltd, Radico Khaitan Ltd, and Zydus Wellness Ltd.

Notable names like Bannari Amman Spinning Mills Ltd, Digitide Solutions Ltd, Medicamen Biotech Ltd, Mangal Electrical Industries Ltd, Patel Retail Ltd, Regaal Resources Ltd, Twamev Construction And Infrastructure Ltd, and Unichem Laboratories Ltd recorded lows.

After Sebi gave a clean chit to Gautam Adani, a wave of buying was triggered that sent Adani counters soaring as much as 13 per cent.

Shares of IT companies dropped in trade as investors may have resorted to profit booking at elevated levels.

HCL Tech shares dropped nearly 2 per cent to trade at Rs 1,468.70 apiece, while Coforge and OFSS shares fell around 1.4 per cent each.

Persistent Systems shares also declined more than 1 per cent while Wipro, Mphasis and Tata Consultancy Services (TCS) shares were down around 1 per cent.

Key things to watch are the GST rate cut coming into effect from next week. Markets would continue to look for clarity on the US tariff situation and its impact on economic growth.