Nifty, Sensex Log Worst Selloff Since August Ahead Of Key US Jobs Data: Market Wrap

All sectoral indices on the NSE declined, with the Nifty PSU Bank being the top loser.

The National Stock Exchange building in Mumbai. (Source: Vijay Sartape/NDTV Profit)  

India's benchmark indices extended losses on Friday, recording its worst week in over three months as fears griped over the health of the US economy ahead of the release of jobs data. The selloff was broad-based, with the banking and energy sectors taking the biggest hit.

The NSE Nifty 50 closed 292.95 points or 1.17% lower, at 24,852.15 to extend the fall to the third consecutive session. The S&P BSE Sensex closed 1,017.23 points or 1.24%, down at 81,183.93, its fourth day of decline. Both indices lost nearly Rs 4 lakh crore in value.

"The recent weakness in US markets has stalled the momentum in Indian markets, causing participants to become cautious ahead of the upcoming jobs data," Ajit Mishra, senior vice president of research at Religare Broking Ltd., said.

"With the Nifty slipping below the crucial 20-day exponential moving average, further downside is likely, with key support around 24,500 at the 50 DEMA," he added.

The US Labor Department will release the results of its monthly jobs surveys of employers and households later on Friday. The report is one of the most important gauges of the state of the world's largest economy and comes over a week before the Federal Reserve makes its decision on interest rates.

Also Read: India Better Placed Than Other EMs To Benefit From Fed Rate Cuts: Citi

Shares of Reliance Industries Ltd., ICICI Bank Ltd. and State Bank of India contributed the most to the losses in the Nifty.

Bajaj Finance Ltd., Asian Paints Ltd. and JSW Steel Ltd. advanced the most.

All sectoral indices on the NSE declined, with the Nifty PSU Bank being the top loser.

The broader indices also declined in line with benchmarks as the BSE MidCap closed 1.41% lower and the SmallCap ended 0.96% down.

All sectoral indices on the BSE ended lower, with Telecom falling the most.

The market breadth was skewed in the favour of the sellers as 2,540 stocks fell, 1,407 rose and 87 remained unchanged on the BSE.

Also Read: Premier Energies Stock Jumps After Rs 215-Crore Order Win For Solar Water Pumps

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WRITTEN BY
Shubhayan Bhattacharya
Shubhayan covers markets and business news at NDTV Profit. He has a keen in... more
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