The Indian stock market ended the last trading session of the week on a negative note as investors booked profit. However, the IT index displayed gains after Accenture issued optimistic guidelines.
The National Stock Exchange (NSE) Nifty 50 index ended 0.28 per cent lower at 23,501 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 270 points lower at 77,209 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 19 stocks including IT and Infrastructure advanced with gains, while 31 stocks ended in the red territory.
Bharti Airtel topped the index with 2.53 per cent gain, while LTI Mindtree, Hindalco, Infosys and Adani Ports traded more than 1 per cent higher.
Ultra Tech Cement and Adani Enterprises shredded more than 2 per cent followed by more than 1.5 per cent dip in Tata Motors, Tata Consumers, Hindustan Unilever , Larsen and Toubro, Nestle India and HDFC Life.
Analyst Note
“Investors partially booked profit after a six-session rally owing to weak global cues. While the fall was more severe in the mid-session, markets pared losses towards the end to end marginally lower amid weakness in banking, auto, oil and realty shares. The big event is the Union Budget in July and investors are pinning hopes on a market-friendly budget that would have a road-map on measures to boost economic activity and prop up the investment cycle,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank and Finance ceased their rally and ended with 0.24 per cent and 0.19 per cent loss respectively. However, the IT index gained 0.76 per cent and Metal gained 0.4 per cent.
FMCG hit the worst as it slumped 1.2 per cent followed by 0.8 per cent loss in Pharma. PSU Banks and Realty also shredded 1.14 per cent and 0.74 per cent respectively.
The more domestically focussed indices, Mid-cap and Small cap witnessed dip of 0.08 per cent and 0.17 per cent respectively.
