Nifty, Sensex Record Highest Weekly Close: Market Wrap
The NSE Nifty 50 fell 0.47% to close at 23,455.85. The S&P BSE Sensex fell 0.35% to end at 77,209.90.
India's benchmark stock indices closed lower on Friday as investors booked profits. However, on a weekly basis, the indices ended higher for the third time, posting a record-high weekly close.
The NSE Nifty 50 fell 111.15 points, or 0.47%, to close at 23,455.85. The S&P BSE Sensex fell 269.03 points, or 0.35%, to end at 77,209.90.
The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the fast-moving consumer goods sector, said Vinod Nair, head of research at Geojit Financial Services Ltd.
"Attention is now focused on the upcoming GST meeting, where the potential rationalisation of GST rates in certain sectors is under discussion," he said.
Shares of Bharti Airtel Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and Hindalco Industries Ltd. cushioned the fall in Nifty.
Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., State Bank Of India, and Mahindra & Mahindra Ltd. weighed on the index.
Broader markets ended on a mixed note on Friday. The S&P BSE Midcap ended 0.26% lower, while S&P BSE Smallcap settled 0.06% higher.
On BSE, 13 sectors declined and seven advanced. The S&P BSE Telecommunication rose the most, and the S&P BSE Oil & Gas declined the most.
Market breadth was skewed in the favour of the sellers, Around 2,081 stocks declined, 1,786 stocks rose, and 120 stocks remained unchanged on BSE.
Weekly Performance
On a weekly basis, the indices posted their highest closing with Nifty gaining 0.15%.
However, most sectoral indices ended with weekly loss. Nifty Auto and Nifty FMCG were the top losers, while Nifty Bank gained the most.
