Equity indices buckled under selling pressure for the second straight session on Friday as risk appetite remained subdued amid lacklustre global cues and lower-than-expected results from IT major TCS.
Banking, finance and IT counters accounted for most of the losses, while strong demand for metal stocks cushioned the fall.
The Sensex ended 182.75 points or 0.35 per cent lower at 52,386.19. The broader Nifty dropped 38.10 points or 0.24 per cent to close at 15,689.80.
Bajaj Auto was the top laggard on the Sensex chart, shedding 1.99 per cent, followed by TCS which dropped 1.52 per cent post its results. The country’s largest IT firm had on Thursday reported a 28.5 per cent jump in June quarter net profit at Rs 9,008 crore, but called out the domestic business as a drag which restricted its overall growth.
HDFC Bank, Axis Bank, Reliance Industries, Tech Mahindra, Kotak Bank and IndusInd Bank were among the other losers.
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On the other hand, Tata Steel led the gainers’ list with a jump of 4.16 per cent, followed by Bajaj Finserv, Bharti Airtel, NTPC, Maruti and Bajaj Finance.
During the week, the Sensex declined 98.48 points or 0.18 per cent, while the Nifty dropped 32.40 points or 0.20 per cent.
Domestic equities traded on a weak note on Friday mainly led by continued profit-booking in financials, said Binod Modi, Head – Strategy at Reliance Securities.
However, metals, pharma and realty indices shined, while IT index remained soft after TCS missed earnings estimates, he said, adding that buying momentum remained visible in midcap and smallcap stocks as improved earnings prospect attracted investors’ interest.
“While visible improvement in business momentum with ease of business curbs by states started offering comfort, recent uptick in daily caseload and increasing positive rate could be a near term risk as we saw Japan imposing fresh restrictions in Tokyo,” he noted.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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First Published: Sat, July 10 2021. 00:51 IST
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