NIFTY50 and SENSEX close in red, Reliance and banking stocks drag the market

In a volatile trading session on Friday, the NIFTY50 and SENSEX closed in negative territory. The NIFTY50 index closed the day in red, down by 0.28% or 65.90 points. The SENSEX ended the trading session lower by 0.35% to settle at 77,209.90. Bank Nifty settled at 51,661.45, down by 0.24%. The India VIX declined by 1.03% to 13.21.

Today’s decline was driven by a drop in heavyweight index stocks. The market exhibited nervousness at higher index levels, and investors adopted a cautious approach due to a delayed monsoon. According to the IMD, India experienced a 20% shortfall in rainfall in June. The focus now shifts to the upcoming GST meeting.

Top Gainers & Losers

Index Movers

Coming to the NIFTY50 index pullers and draggers. Bharti Airtel (+13.35 pts), Infosys (+7.86 pts), TCS (+3.39 pts), Hindalco (+2.49 pts), and Tata Steel (+2.36 pts) were the pullers of the day. Draggers included Reliance (-27.18 pts), L&T (-18.91 pts), HDFC Bank (-13.15 pts), SBI (-8.1 pts), and M&M (-7.94 pts).

Broader indices

The broader markets ended the day in red. Nifty Midcap 100 closed down by 0.08%, and the Nifty Smallcap 100 index declined by 0.17%. The market breadth was weak on Friday. The declining stocks outnumbered the advancing stocks.

Sectoral Indices

Among sectors, most of the indices closed on a negative note. The top three sectoral gainers were Nifty Media (+0.95%), NIFTY IT (+0.76%), and Nifty Consumer Durables (+0.75%). The top laggards included Nifty FMCG (-1.20%), NIFTY PSU Bank (-1.14%), and Nifty Oil & Gas (-1.07%).

Global Markets

Most of the Asian markets concluded the trading session on a negative note. The Nikkei 225 declined 0.07%, the Kospi fell by 0.83%, and the Shanghai index fell by 0.24%.

At 4:03 PM, the Dow Jones Futures were trading up by 53 points at 39,522.