Sensex drops 183 points; Nifty slips below 15,700 points
Equity benchmark Sensex tumbled over 183 points to close in red on Friday, tracking losses in index majors HDFC Bank, Reliance Industries, and TCS. The 30-share BSE index closed at 182.75 points or 0.35% lower at 52,386.19 points. Similarly, the broader NSE Nifty dropped 38.10 points or 0.24% to close at 15,689.80 points. The stock markets in India remain closed on Saturday and Sunday.
Who were the top gainers and losers?
Bajaj Auto was the top loser in the Sensex pack, shedding around 2%, followed by TCS, HDFC Bank, Axis Bank, Reliance Industries, and Tech Mahindra. On the other hand, Tata Steel, Bajaj Finserv, Bharti Airtel, and NTPC were among the gainers. Domestic equities traded on a weak note mainly led by continued profit-booking in financials said Binod Modi, Head of Strategy at Reliance Securities.
IT index failed to gain momentum as TCS missed estimates
Metals, pharma, and realty indices shined, while the IT index remained soft after TCS missed earnings estimates, Modi said, adding that buying momentum remained visible in midcap and smallcap stocks as improved earnings prospect attracted investors' interest. He further said a "visible improvement in business momentum" was seen as the "ease of business curbs by states started offering comfort."
Brent crude was trading at $74.92 per barrel
"Recent uptick in daily caseload and increasing positive rate could be a near-term risk as we saw Japan imposing fresh restrictions in Tokyo," Modi noted. Meanwhile, bourses in Shanghai, Seoul, and Tokyo ended in the red, while Hong Kong was positive. Stock exchanges in Europe were trading with gains in mid-session deals. Also, the international oil benchmark Brent crude rose 1.08% to $74.92 per barrel.