The 30-share Sensex declined 1,093.22 points to end at 58,840.79. Its broader peer, Nifty50, ended at 17,530.85, down 346.55 points.
In the biggest weekly decline since the mid-June amid troublesome global cues, Nifty ended the week down 1.7 per cent. Nifty Bank, on the other hand, advanced for 4 weeks in a row and ended the week higher by 1 per cent but slipped below the 52-week high level achieved yesterday.
was the biggest loser from the 30-share pack, falling 4.43 per cent to Rs 1,034.50. was down 4.17 per cent, declined 3.69 per cent, and M&M fell 3.52 per cent. , , and were also among top laggards.
IT stocks remained a no-entry zone for traders as the Nifty IT index declined over 7 per cent this week, with Infosys and Coforge being the top losers in the pack. On the other hand, led by the rally in Vedanta and Adani Enterprises Nifty Metal index advanced for the second consecutive week.
Among banks, IndusInd Bank and Federal Bank were among the top gainers, while Infosys, Tech Mahindra and TCS were the top weekly losers in the Nifty pack.
Nifty Midcap50 and Smallcap50 fell 2.98 per cent and 2.78 per cent, respectively.
S Ranganathan, head of research at
, said that the Indian Markets today finally chose to mirror global cues after out-performing global peers in the recent past. Weaker domestic flows for last month despite SIPs maintaining their run rate led to profit taking as all sectoral indices ended in the red.
“As global investors brace for a further interest rate hike post the US inflation data released recently, the RBI too has its task cut out in India when they meet at the end of this month,” Ranganathan added.
Earlier in the day, Asian markets ended lower, China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikkei tumbled 2.30 per cent, 0.79 per cent and 1.11 per cent, respectively.
The market capitalisation of all listed companies on BSE fell Rs 6.08 lakh crore to Rs 279.79 lakh crore from Rs 285.87 lakh crore on Thursday. The market breadth skewed in favour of bears. About 2,528 declined, 976 stocks gained, and 106 remained unchanged.
“With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data,” Vinod Nair, Head of Research at Geojit Financial Services, said.
“Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed,” Nair added.