Market Wrap, August 29: SENSEX slips below 80K mark, NIFTY50 ends 74 points lower; RIL, M&M top losers

After a volatile session, the Indian stock market closed lower as realty and oil and gas stocks dragged amid mixed global cues. The US tariffs remain a concern for the market investors.

With Friday's fall, the equity benchmark indices have logged weekly losses, with both the Sensex and NIFTY50 tumbling over 2% each. The Nifty Midcap 100 and Nifty Smallcap 100 gauges, however, underperformed, declining over 3.3% and 3.8% during the week, respectively. The Nifty Bank has also fallen almost 3% during the week.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold shares worth ₹3,856.51 crore, while the domestic institutional investors (DIIs) bought equities worth ₹6,920.34 crore on a net basis.

On the global front, stocks in Asia settled mixed on Friday, with investors waiting for key US inflation readings due later in the day for further clues on the Federal Reserve's rate outlook.

Hong Kong's Hang Seng closed 0.51% higher, and the Shanghai Composite also ended 0.16% up. However, South Korea's KOSPI and Japan’s Nikkei indices declined 0.32% and 0.20%, respectively.

On Wall Street, the S&P 500 and Dow Jones Industrial Average touched record high closes on Thursday after Nvidia's quarterly report fell short of investors' high expectations. Further, investors will focus on Personal Consumption Expenditures data on Friday.

The S&P 500 rose 0.32% to end the session at 6,501.86 points. The Nasdaq gained 0.53% to 21,705.16 points, while the Dow Jones Industrial Average surged 0.16% to 45,636.90 points.

As many as 3,084 stocks traded on the NSE on Friday. Out of this, 1,668 declined and 1,323 stocks advanced, while 93 scrips remained unchanged.

This indicated that the market breadth was in favour of declines.

A total of 51 stocks hit their 52-week highs, while 86 stocks touched their one-year lows. Besides, 79 stocks hit their upper circuit limits, and 54 touched their lower circuit bands on Friday.

NSE-listed firms' market capitalisation stood at ₹440.28 lakh crore at the end of the session.

India VIX, the volatility gauge, stood at 11.75 levels, falling 3.49%.

The Nifty Smallcap 100 index underperformed the main indices and fell 0.39% to end at the 17,227 level. IDBI Bank (-4.46%), Swan Energy (-4.25%) and Welspun Corp (-4.07%) were the biggest laggards.

Losses in BSE Limited (-3.64%), SJVN (-2.83%), and Ashok Leyland (-2.21%) led the Nifty Midcap 100 index to tank 0.57%, ending at 55,727.40 levels.

On the NIFTY50 index, 27 stocks declined on Friday, while 23 advanced at the end of the session.

Mahindra & Mahindra was the biggest laggard, declining 2.89%. Reliance Industries (-2.16%), Infosys (-2.07%), Apollo Hospitals (-1.51%) and Adani Enterprises (-1.2%) were the other biggest losing stocks.

On the flip side, ITC (2.15%), Shriram Finance (1.79%), Bharat Electronics (1.53%), Larsen & Toubro (1.26%) and Asian Paints (1.25%) were the biggest-gaining stocks on the 50-share index.

Nifty Realty (-1.33%) took the lead among most losing sectors, followed by Nifty Oil and Gas (-1.01%), Nifty Auto (-0.88%), Nifty IT (-0.87%) and Nifty Metal (-0.60%).

However, Nifty FMCG (0.95%), Nifty Media (0.35%) and Nifty Consumer Durables (0.15%) gained despite weak sentiment.