SENSEX, NIFTY extend losses into 3rd session on surging crude prices, FII outflows

Equity benchmark indices SENSEX and NIFTY nursed losses for the third consecutive session on Friday, in lockstep with a weak trend in global equities as concerns over economic growth and a slowdown in quarterly earnings sapped investors' risk appetite.

Surging crude oil prices and a strengthening dollar index also contributed to the weak trend in equities.

In a volatile trade, the 30-share BSE benchmark SENSEX declined 241.30 points or 0.31% to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the day's high of 77,919.70 and a low of 77,099.55.

The NIFTY50 dropped 95 points or 0.40% to 23,431.50.

From the 30-share blue-chip pack, IndusInd Bank, NTPC, UltraTech Cement, Sun Pharma, Axis Bank, State Bank of India, Tata Steel, Power Grid, Adani Ports and Kotak Mahindra Bank were among the major laggards.

Tata Consultancy Services jumped nearly 6% after the IT services company reported an 11.95% jump in the December quarter net profit to ₹12,380 crore.

Tech Mahindra, HCL Tech, Infosys and Bajaj Finserv were the other big gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹7,170.87 crore on Thursday, according to exchange data.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.

European markets were trading lower. US markets were closed on Thursday.

Global oil benchmark Brent crude jumped 2.02% to $78.47 a barrel.

In the previous session, the 30-share BSE benchmark dropped 528.28 points or 0.68% to sink below the 78,000 level at 77,620.21. The Nifty slumped 162.45 points or 0.69% to 23,526.50.