Markets record winning streak on profit bookings

However, tech stocks saw healthy buying interest on Friday. Shares of HCL Tech jumped 3.08% while Tech Mahindra gained 2.3%. Asian Paints, Wipro and Infosys were also top earners.

Stock markets ended their three-day winning streak on Friday as investors booked profits. Markets have also witnessed panic selling due to restrictions imposed across the country due to rising Covid cases, market participants said. Tech stocks appeared defensive in an otherwise volatile session on Friday.

The BSE Sensex closed down 190.97 points or 0.3% at 57,124.31. The Nifty-50 fell 68.85 points or 0.4% to 17,003.75. NTPC was the biggest loser in the Sensex pack, losing 2.6% at the close. Kotak Mahindra, UltraTech Cement, Axis Bank, M&M and Power Grid Corp were the other losers, down 2.4%.

However, tech stocks saw healthy buying interest on Friday. Shares of HCL Tech jumped 3.08% while Tech Mahindra gained 2.3%. Asian Paints, Wipro and Infosys were also top earners.

“The Nifty is down 246 points from its day high. However, it managed to recoup some of its losses and close just above the 17,000 levels. On the sector front, with the exception of IT (+1%), all other indices finished in the red with Oil & Gas, Real Estate, PSU Banking and Autos down more than 1%,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal. Financial services.

Sector-wise, with the exception of IT, all other sectors finished in the red. Nifty auto, pharma, PSU bank and realty were down more than 1% each. Broader markets also fell in line with major indexes. The BSE mid cap and small cap indices fell by 1.1% and 0.6% respectively.

Foreign portfolio investors continued to sell stocks on stock markets. REITs sold shares worth Rs 271.59 crore on Thursday. However, releases have relatively slowed in recent sessions. “FII’s sales have fallen sharply in recent days due to the end-of-year holidays. After a correction of around 10%, Nifty is now trading at 19x FY23 P/E and is no longer in the expensive zone,” Khemka said.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest Biz news and updates.