Sensex, Nifty loss over 1%, extending losses for third session

Indian stock market on Friday came under significant selling pressure, extending losses for a third consecutive session. Nifty slipped below the 23,900 mark amid weakness across sectors led by IT stocks.

At close, the Sensex was down 982.71 points or 1.27 per cent at 76,681.29, and the Nifty was down 275.10 points or 1.14 per cent at 23,897.95. For the week, Sensex and Nifty down 2 per cent each, snapping two-week gaining streak.

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Among the sectors, IT stocks were among the worst performers with IT index fell 5%, hitting lowest level since June 2023. Nifty Metal, Nifty Pharma, Nifty Media, Nifty Auto and Nifty Private Bank were also the key losers.

On Nifty, the key losers were Infosys, HCL Tech, TCS, Tech Mahindra and Sun Pharma, while gainers included Hindalco, Coal India, Nestle, SBI, Trent.

More than 100 stocks touched their 52-week high on the BSE. These included Himadri Speciality, ABSL AMC, Nestle, AU Small Finance Bank, Glenmark Pharma, Adani Ports, Hitachi Energy, Torrent Power, CG Power, among others.

Shares of LTIMindtree fell 6 per cent after the company’s March quarter earnings missed analysts’ estimates. Shares of InterGlobe Aviation, which operates IndiGo, declined about 3 percent

Global markets traded mixed with the US futures showed a muted trend after Wall Street retreated from record highs, with S&P 500 futures inching up 0.1% while Dow futures slipped 0.2%. In Europe, Germany’s DAX declined 0.2%, France’s CAC 40 fell 1%, and the UK’s FTSE 100 dropped 0.6%, reflecting cautious sentiment.

Japan’s Nikkei 225 rose 1%, supported by strong buying in technology stocks after hitting a record intraday high above 60,000 earlier. Hong Kong’s Hang Seng edged up 0.2%, while China’s Shanghai Composite slipped 0.1%.