Indian stock indices closed slightly lower on Friday amid broad sectoral declines and subdued global conditions, with investors focusing on earnings and geopolitical tensions while some sectors outperformed in a cautious trading session.
Indian shares ended slightly lower on Friday as investors stayed cautious in a session marked by broad selling across sectors and little decisive direction from global markets. The BSE Sensex slipped 70.71 points, or 0.09%, to 78,009.25, while the Nifty 50 fell 29.85 points, or 0.12%, to 24,366.00, according to market data and closing reports from Moneycontrol. Reuters said the market spent most of the day moving in a narrow band, with crude oil steady at around $87 a barrel helping to limit, but not prevent, the pullback. According to Reuters, traders were also watching global developments and the latest round of corporate earnings.
The market’s weak finish came as several sectors remained under pressure. Pharma, metal and information technology were among the main drags, with the Nifty Pharma index down 0.90%, the Nifty Metal index off 0.71% and the Nifty IT index lower by 0.31%, according to sector data from Moneycontrol. Broader sentiment was also soft, with the wider market losing ground through the day and financial stocks adding to the caution.
Not every part of the market moved lower. Media and consumer durables shares outperformed, while Bharti Airtel was among the strongest gainers in the Sensex pack, lifting 2.53%. Adani Ports, ICICI Bank and Titan also advanced. On the downside, Asian Paints was the biggest laggard among the benchmark constituents, while IndiGo, NTPC, Power Grid, SBI, HCL Tech, Tech Mahindra and Sun Pharma also finished weaker.
Market analysts said the index is still trapped in a consolidation phase. Siddhartha Khemka of Motilal Oswal Financial Services told Zee Business that stock selection is likely to matter more in the near term as investors weigh earnings quality, global cues and domestic fundamentals. He pointed to tensions in West Asia, crude prices and sentiment abroad as key drivers, while noting that improved monsoon rainfall has eased some pressure on the farm outlook and inflation fears. Nagaraj Shetti of HDFC Securities said Nifty could face further consolidation, with support seen around 24,200 to 24,000 and resistance near 24,500.
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