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Sensex, Nifty End Three-Day Winning Run After Volatile Session; HDFC, Kotak Mahindra Bank Top Drags


New Delhi: The Indian equity benchmarks snapped their three-day winning streak and languished in the negative territory dragged by losses in index heavyweights like HDFC, Kotak Mahindra Bank, Infosys, Axis Bank, Titan, and Larsen & Toubro.

The domestic equity benchmarks ended a choppy season on a flat note. Sensex slumped 20.5 points and the Nifty was down .03 per cent at 17,511 points.

The BSE benchmark index, the Sensex, opened 110-odd points lower at 58,697, and after briefing sneaking into the positive zone, fell to a low of 58,415 – down nearly 400 points. However, the Sensex eventually ended the day with a minor loss of 20 points at 58,787. In the process, it did snap its three-day winning streak. For the week, the BSE index was up 1.9 per cent (1,091 points). The NSE Nifty declined to a low of 17,405, before settling six points lower at 17,511.

Asian Paints was the major gainer among the Sensex 30 stock, it surged 3 per cent to Rs 3,277. SBI, Mahindra & Mahindra and TCS were the other notable gainers. On the flip side, Titan, HDFC, Axis Bank and Kotak Bank were the notable losers in trade on Friday.

Gains in auto, metal, and select financial stocks were offset by losses in consumer stocks. Broader markets strengthened, helping investor sentiment, with the Nifty Midcap 100 and Smallcap 100 indices ending 0.8 per cent higher each.

According to Sumit Pokharna, vice president research at Kotak Securities told Reuters, “Two events in the coming months are likely weighing on equity markets – quarterly earnings and India’s budget,”

Shares of billionaire stock investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Co opened at a 6 per cent discount to the offering price before quickly reversing course to trade 4.4 per cent higher. However, they failed to hold on to those gains.



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