Indian Markets End Session in Deep Red
Indian equity benchmarks closed sharply lower on Friday, extending this week's decline as broad-based selling gripped the markets. The Nifty 50 breached the 24,000 mark to settle at 23,905.55, down 267.50 points or 1.11%. The Sensex plunged 983 points or 1.26% to close at 77,664, with the index trading in a range of 23,813.65 to 24,206.00 during the session.
Market breadth was decidedly negative as selling pressure was widespread across sectors. The sharp decline came amid renewed global tensions, with the US-Iran conflict adding to investor anxiety. Friday's losses capped a bruising week for Indian equities, with the Nifty logging a 2% decline over the five trading sessions.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,905.55 | -267.50 | -1.11% |
| Sensex | 77,664.00 | -983.00 | -1.26% |
Sectoral Drags and Stock Action
Technology stocks led the losses, with the sector index falling sharply. HCL Technologies closed at ₹1,200.10, while other IT majors contributed to the sectoral weakness. Pharma heavyweight Sun Pharmaceutical Industries settled at ₹1,618.50, while Adani Green Energy closed at ₹1,172.95 and Hyundai Motor India also featured among stocks under pressure.
On the gainers' side, ONGC closed at ₹283.65, down from an intraday high of ₹289.80. Hindustan Unilever settled at ₹2,368.80 after touching ₹2,382.00 during the session. The minimal gains in select defensive names failed to offset the widespread selling across the broader market.
GIFT NIFTY Tracks Domestic Weakness
GIFT NIFTY mirrored the cash market's slide, closing at 23,950.50, down 174 points or 0.72% from the previous close of 24,124.50. The offshore derivative opened at 24,158.50 and briefly touched a high of 24,265.00 in early trade before succumbing to selling pressure. The contract hit an intraday low of 23,820.00, reflecting a volatile 445-point range.
The session witnessed a sharp downturn from mid-morning onwards, with GIFT NIFTY unable to hold early gains and tracking the cash market's descent through the afternoon. The offshore index closed near session lows, setting a weak tone heading into the weekend.
| Metric | Value |
|---|---|
| Open | 24,158.50 |
| High | 24,265.00 |
| Low | 23,820.00 |
| LTP | 23,950.50 |
| Change | -174.00 (-0.72%) |
With both domestic and offshore markets ending in negative territory, GIFT NIFTY at 23,950.50 heads into Session II carrying forward Friday's risk-off sentiment. The 45-point discount to the Nifty 50 cash close signals continued caution as global tensions and technical weakness weigh on near-term sentiment.