Sensex, Nifty gain as lower oil prices and global cues offset IT, Tata stocks drag
Broader markets surged, with the smallcap index outperforming the midcap index. Nifty IT was the biggest drag, while telecom and consumer durables also traded in the red.
The Sensex and Nifty indices continued their six-week decline on Friday, marking the longest losing streak since 2020. The BSE Sensex dropped 0.65 per cent, while the NSE Nifty 50 fell by 0.2 per cent. This decline was largely attributed to crude prices exceeding $100 per barrel and tighter global monetary policies. Market sentiment remained cautious due to factors like foreign fund flows, IPO activity, and index rebalancing.
The IT and Tata Group stocks also contributed to the benchmark's weakness. The BSE Sensex ended at 74,294.96, while the NSE Nifty 50 closed at 23,346.40. Broader markets outperformed the benchmarks, with the Nifty Midcap and Smallcap indices rising by up to 2 per cent. India VIX fell over 7 per cent, indicating reduced volatility.
Sectorally, cement, metals, and media outperformed, while IT faced pressure due to elevated global yields and concerns over US monetary policy. Adani Ports, Adani Enterprises, Bharti Airtel, and HDFC Bank were among the top gainers, while TCS, TMPV, and Coal India were the biggest losers. Major Tata Group stocks experienced significant pressure, including Tata Chemicals, Tata Investments, and Tata Motors.
Industry experts noted that while the moderation in oil prices and yields provided temporary relief, sustained market recovery would depend on easing global macro risks and an increase in foreign investor inflows.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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