Stock Market Closing: Sensex tumbles 300 pts, Nifty ends below 16,500; Tata Steel, SBI drag

India Stock Market on the last day of the week showed weakness and closed in red again on Friday. Equity benchmark Sensex slumped 300 points on Friday, tracking losses in index majors Tata Steel, Reliance Industries and Kotak Bank amid a heavy sell-off in global equities. 

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The 30-share index ended 300.17 points or 0.54 per cent lower at 55,329.32, while the broader NSE Nifty declined 118.35 points or 0.71 per cent to 16,450.50. 

Tata Steel was the top loser in the Sensex pack, plunging over 8 per cent, followed by SBI, Dr Reddy's, Kotak Bank, Sun Pharma, Bajaj Auto and L&T. 

On the other hand, HUL, Asian Paints, Nestle India and Bajaj Finance were among the gainers. 

"Domestic equities witnessed high volatility with selling pressure across the counters. Notably, barring FMCG, most sectoral indices traded in red with Nifty metal witnessing steepest decline followed by realty, PSU banks, and pharma," said Binod Modi, Head - Strategy at Reliance Securities. 

Rise in Delta variant cases in various parts of the world and increasing concern about sustainability of ongoing economic recovery globally led to heavy profit-booking in metal stocks, he added. 

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with heavy losses. 

Equities in Europe were also trading in the red in mid-session deals. 

Meanwhile, international oil benchmark Brent crude fell 0.59 per cent to USD 66.06 per barrel.