Closing Bell: Sensex, Nifty end week in red; record 3rd successive loss beaten down by IT, bank stocks

Indian equity markets ended Friday in the red, recording their third consecutive losses in the week. S&P BSE Sensex ended at 59,900.37, down 453 points or 0.75 per cent while the broader market Nifty50 settled at 17,859.45, lower by 132 points or 0.74 per cent. Banking gauge Nifty Bank finished 419 points or 0.99 per cent lower at 42,188.80.

Losses in financial and IT stocks including the likes of ICICI Bank, HDFC Bank, TCS and Infosys were the biggest contributors to the fall in headline indices.

Nifty FMCG and Nifty Consumer Durables ended with minor gains among Nifty sectoral Indices. Out of 15 indices, 13 closed in the red. The worst performers were Nifty IT (-2 per cent), Nifty Media (-1.45 per cent) and Nifty Private Bank (-1.12 per cent).

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,449.45 crore, according to exchange data, PTI reported.

The rupee pared initial gains and settled 9 paise lower at 82.71 (provisional) against the US dollar on Friday, tracking a rebound in the greenback overseas and a muted trend in domestic equities. Forex traders said risk aversion in international markets and sustained foreign fund outflows weighed on investor sentiments, even as weak crude oil prices cushioned the downside.

At the interbank foreign exchange market, the rupee opened on a positive note at 82.52 against the greenback, but pared the gains and fell to an intra-day low of 82.75.

The domestic currency finally settled at 82.71, down 9 paise over its previous close of 82.62.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.37 per cent higher at 105.42.

Global oil benchmark Brent crude futures rose 0.74 per cent to USD 79.27 per barrel.

Indian Equities fell by 0.75 per cent as recession concerns kept buying of risk assets at bay, Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. "Rupee fell in line but is expected to be in a range of 82.40 to 82.90 tomorrow as markets await for NFPR today evening," he added.

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Out of 3,638 that traded on BSE 1,424 advanced, 2,084 stocks declined while 130 remained unchanged.

Inputs from PTI