Mumbai: On Friday, Indian Stock market equities in IT and bank sectors declined as inflation fears in the United States weighed on investor mood.
The NSE Nifty 50 index declined 0.22 per cent to 19,751.05, while the S&P BSE Sensex fell 0.19 per cent to 66,282.74.
Tata Motors, IndusInd Bank and HCL tech traded as the market gainers, whereas Axis Bank and Infosys were the index losers.
Among the major indices, Realty, Energy, and Auto outperformed, contributing to the overall market rebound, whereas PSU banks lagged behind.
The more domestically focussed small and mid caps continued to outperform the benchmark index, gaining 0.2 per cent each.
“Weak global cues and a sharp rise in crude oil prices dampened the market sentiment as banking and technology stocks led the downfall. While the market is already coping up with global economic uncertainty, concerns over the flare up in Israel-Palestine conflict has been making investors jittery,” said Amol Athawale, Vice President, Technical Research, Kotak Securities.
Investors are also worried about the persistent FII selling and the rising US dollar and treasury yields, added Athawale.
In the stocks specific segment, Shares of Nestle India gained 2 per cent to make a record high of Rs 23,531.90 after global brokerage Citi raised its target price.
HDFC AMC stocks soared more than 5 per cent after the firm posted its quarterly financial results on Thursday with profitable numbers.
Tata Motors accelerated nearly 5 per cent to a record high of Rs 669 rupees. The automaker has signed a memorandum of understanding (MoU) with logistics firm CJ Darcl.
On the BSE, Welspun Corp, Cupid, Tide Water Oil, Tata Motors, Phoenix Mills, Angel One, JK Tyre & Industries, ITC, JK Tyre & Industries, DLF, Shalby, touched their 52-week high.
“In terms of foreign institutional investor (FII) and domestic institutional investor (DII) activities, there were no significant indications of heavy buying. The market observed an influx of funds into option selling, this data points to a lack of clear momentum in the market,” stated Shrey Jain, Founder and CEO SAS Online.
