Benchmark indices turned sharply lower in the last hour of trade as investors booked profits at higher levels. At close, the Sensex was down 460.19 points or 0.80 per cent at 57,060.87, and the Nifty was down 142.50 points or 0.83 per cent at 17,102.50. About 1265 shares have advanced, 2035 shares declined, and 117 shares are unchanged.
On the NSE, the Nifty50 dropped 325 points from the day’s high of 17,378 to hit a low of 17,053. It ended at 17,102.5, down 142.5 points or 0.83 per cent.
Axis Bank was the biggest loser on the benchmark indices, down 6.5 per cent, as analysts do not expect valuation to catch up with peers in light of the NII undershoot, impending dilution to fund the Citi deal, and higher operating expenditure guidance.
Coal India, Adani Ports, Power Grid, Maruti Suzuki, Bajaj Auto, ONGC, Wipro, and Britannia Industries were the other laggards, down between 2.5 per cent and 4 per cent.
On the upside, HDFC Life, Tata Consumer Products, Kotak Bank, Sun Pharma, HDFC Bank, Tata Motors, Tata Steel, and Ultratech Cement were the only gainers.
In the broader markets, the MidCap and SmallCap indices slipped about 1 per cent each. Sectorally, all the indices ended the day in the red zone, dragged by Nifty Oil and Gas index, down 2.5 per cent.
Global cues
Overnight, the US markets rallied strongly after robust earnings from Meta Platforms (Facebook parent) lifted beaten down tech shares. Dow Jones jumped 1.9 per cent, the S&P 500 surged 2.5 per cent and Nasdaq soared 3.1 per cent.
Financial markets in Japan are closed on Friday for a public holiday. Tokyo stocks had closed higher on Thursday as investors cheered solid corporate earnings and the Bank of Japan’s decision to stick with its monetary easing policies. The benchmark Nikkei 225 index ended up 1.75 percent, or 461.27 points, at 26,847.90, while the broader Topix index advanced 2.09 percent, or 38.86 points, to 1,899.62.
Hong Kong stocks barely moved at the open of trade Friday as traders struggled to track a strong rally on Wall Street, with tech firms in the spotlight after Apple and Amazon reported below-forecast earnings. The Hang Seng Index inched down 4.77 points to 20,271.40. The Shanghai Composite Index rose 0.36 percent, or 10.58 points, to 2,986.06, while the Shenzhen Composite Index on China’s second exchange added 0.80 percent, or 14.44 points, to 1,822.91.
Meanwhile, oil prices bounced back as Russia continued its onslaught on Ukraine. Brent crude futures rose 2.2 per cent to $107.59 a barrel, and WTI oil was up 3.3 per cent at $105.36 a barrel.
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