The S&P BSE Sensex closed 387.73 points, or 0.47%, lower at 82,626.23, while the NSE Nifty 50 fell 96.55 points, or 0.38%, to settle at 25,327.05.
Top Movers
Financial stocks fell 0.6%, snapping a record 12-session winning streak, while IT shares eased 0.5% after three days of gains.
Adani group companies rose between 0.3% and 12.4% after market regulator Sebi dismissed two allegations levelled by U.S.-based short-seller Hindenburg Research against billionaire Gautam Adani and his firms.
Vodafone Idea gained 7.1% following reports that the government told the Supreme Court it was not opposed to the telecom operator’s plea on adjusted gross revenue dues.
Despite Friday’s reversal, both indices advanced 0.9% over the week. Broader markets outpaced the benchmarks, with small-cap stocks climbing 2.9% and midcaps up 1.5%.
Expert views
The Indian equity market witnessed profit booking after a sustained multi-session rally, driven by anticipation of the FED entering an easing cycle, said Vinod Nair, Head of Research at Geojit Investments, adding that positive developments in U.S.-India trade negotiations and improved global liquidity conditions continued to offer a cushion to investor sentiment. “Against the backdrop of strengthening domestic fundamentals and a weakening U.S. dollar, the environment appears conducive for a potential return of FIIs, following a prolonged phase of net outflows. Sectoral rotation was evident, with PSU banks, metals, and pharma stocks leading the gains, while IT, FMCG, and private banking stocks lagged,” said Nair.
In technical terms, he Nifty slipped on Friday after forming a hanging man pattern in the previous session, said Rupak De, Senior Technical Analyst at LKP Securities, adding that “while the short-term trend continues to favor the bulls, a mild pullback from the current level looks possible.”
“On the lower side, support is placed at 25,150, below which the trend may weaken. However, if the index manages to stay above 25,150, it could move towards 25,500. A decisive move above 25,500 may then open the road to 26,000,” said De.
Global Markets
European equities edged higher on Friday, setting up for a modest weekly gain after the U.S. Federal Reserve’s rate cut lifted global sentiment. In Asia, Japan’s Nikkei retreated from record highs as the Bank of Japan signalled further steps to unwind its stimulus policies.
By 0923 GMT, the MSCI World Equity index was flat on the day. The pan-European STOXX 600 rose 0.1%, while London’s FTSE 100 was little changed. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.2% but remained on track for a 0.6% weekly advance, close to its highest level in four years.
The week was dominated by central bank moves: the Fed, Bank of Canada and Norges Bank all lowered rates, while the Bank of England held policy steady. The BoJ, facing political uncertainty at home, is widely expected to stick with its ultra-loose stance at its Friday meeting.
Gold gained 0.4% to $3,656.4 an ounce, heading for a fifth consecutive weekly rise.
as a Reliable and Trusted News Source