Closing Bell: Nifty ends below 17,200, Sensex down over 200 points; IT, Pharma, Comsumer durable stocks decline

The domestic equity market extended losses for the third consecutive day on Friday as benchmarks ended 4 out of five sessions in the red this week.  

Geopolitical tensions, spike in crude and expected Fed hike weigh on the market as it continues to trade volatile.  

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“The Indian equity markets continue to be in a grind, influenced by and reacting to incremental news flow on the global front, especially related to the geopolitical situation and Fed rhetoric," said Milind Muchhala, Executive Director, Julius Baer, 

Meanwhile, benchmarks Nifty 50 and the Sensex ended nearly 0.4% lower as the former closed below 17,200, while the latter tanked nearly 200 points on closing basis.  

Following benchmark indices, Nifty mid cap and small cap too slipped in the red as they declined in the closing after trading positive in most parts of the session.   

The 12-share Nifty Bank pared losses to stage a bounce back in the closing hour to end above 35,500.  

IT, Pharma, consumer durables and FMCG were seen under maximum pressure, while Realty, PSU Bank, Oil & gas gained in a weak market 

Meanwhile, Bajaj Auto, Adani Ports, SBIN, RIL, Kotak Bank, Asian paints , Bharti Airte and Dr Reddy's were among gainers, while Titan, Tech Mahindra, Maruti, IOC, Hero MotoCorp, Tata Steel and TCS dragged amid volatility.  

"The two key challenges and monitorables for the markets in the near term are the persistent inflationary pressures and the rising bond yields. While the inflationary pressures have been building up over the past few months, the geopolitical situation has worsened the situation, as Ukraine and Russia are large players in energy and several commodities, and the prices of several of these have spiked up since the beginning of the crisis," said Milind Muchhala. 

With the markets having pulled back sharply in the past couple of weeks, one can look at creating a small liquidity, as the uncertainty and volatility is likely to continue for some more time with too many moving parts, providing intermittent opportunities, added the expert.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)