Nifty Snaps Longest Stretch Of Weekly Gaining Streak In Over Six Years: Market Wrap

India's benchmark equity indices reversed five consecutive sessions of gains to close lower on Friday, snapping a weekly gaining streak of eight weeks to end at their lowest closing since July 25.

The NSE Nifty 50 closed 293.20 points or 1.17% down at 24,717.70 and the S&P BSE Sensex was 885.60 points or 1.08% lower at 80,981.

Market correction on Friday erased the weekly gains, with both the Sensex and the Nifty ending the week lower, according to Shrikant Chouhan, head equity research at Kotak Securities.

Recent domestic data like the India Manufacturing PMI at 58.1 and the goods-and-services tax collection growth of 10% remained broadly healthy, he said "Globally, markets reacted to the outcome of central bank meetings."

Larsen and Toubro, Reliance Industries, Infosys, Tata Consultancy Services, and Maruti Suzuki India dragged the Nifty the most.

Shares of HDFC Bank, Sun Pharmaceutical Industries, Dr Reddy's Laboratories, Kotak Mahindra Bank, and Divis Laboratories led the gains in the Nifty.

The broader markets ended lower as the S&P BSE MidCap and the SmallCap indices ended 1.19% and 0.58% lower respectively.

On the BSE, all sectors ended lower except the BSE Healthcare. The BSE Realty declined the most to become the worst performing sector.

The market breadth was skewed in favour of sellers as 2,189 stocks declined, 1,726 stocks advanced and 118 remained unchanged on BSE.

On a weekly basis, the Nifty fell 0.37% and the Sensex closed 0.43% lower.

On the NSE, six sectors ended lower and six others ended higher this week. The Nifty Realty declined the most to become the worst performing sector.