Indian benchmark indices ended lower on Friday as weakness in financial stocks outweighed gains in information technology and automobile shares. Investors also remained cautious ahead of the US non-farm payrolls data, while firm crude oil prices and geopolitical tensions in West Asia continued to influence market sentiment.
The BSE Sensex fell 455.59 points, or 0.58 per cent, to close at 78,499.17. During the session, the index touched an intraday high of 78,757.40 before slipping to a low of 78,377.07.
The NSE Nifty50 also ended in the red, losing 65.35 points, or 0.27 per cent, to settle at 24,570.65.
IT and auto stocks buck the trend
The day's decline was led by financial heavyweights. Bajaj Finance dropped nearly 5.9 per cent, while Bajaj Finserv fell more than 4.1 per cent. ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, Trent and Asian Paints also finished lower.
In contrast, technology and automobile stocks provided some support to the market. TCS emerged as the top gainer on the Sensex with a rise of 3.5 per cent, while Mahindra & Mahindra gained over 2.5 per cent. Tech Mahindra, Infosys, HCLTech, Reliance Industries, SBI, Maruti Suzuki, NTPC, Power Grid and IndiGo also closed with gains.
Sector-wise, Nifty IT advanced 1.42 per cent and Nifty Auto climbed 1.84 per cent, making them the strongest performers of the day. Financial Services and Private Bank indices, however, remained under pressure.
Broader market stays resilient
Despite losses in the benchmark indices, buying interest continued in the broader market. Mid-cap and small-cap indices ended with modest gains, suggesting investors remained selective in their approach.
Market volatility also stayed largely unchanged, with India VIX closing at 12.15.
Vinod Nair, Head of Research at Geojit Investments, told News18, “Market sentiment remains measured as the absence of a definitive geopolitical resolution in the Middle East continues to keep crude oil prices volatile. Meanwhile, gold has strengthened on renewed safe-haven demand and a softer US dollar, with investors closely tracking the upcoming US non-farm payrolls data for further clarity on the Fed’s policy trajectory."
He added that healthy corporate earnings, particularly SBI's quarterly performance, had helped maintain confidence in select sectors despite the broader market weakness.