Stock Market Highlights: The key benchmark indices wilted under the selling pressure on Friday amid fears of higher interest rates globally. Banks and realty stocks bore brunt of the selling pressure, as the Sensex and Nifty snapped their three-day winning run.
The S&P BSE Sensex started the day with a negative gap of over 300 points at 60,994; the index did recoup losses but could only manage to touch a high of 61,303. A fresh round of selling in noon deals, saw the BSE benchmark slide to a low of 60,811 – down 509 points from the previous day’s close.
Some buying in late trades helped the Sensex trim losses and end at 61,003, down 317 points. In the process, the BSE index ended the week with a minor gain of 93 points.
The Nifty 50 registered a low at 17,885, before settling 92 points lower at 17,944.
A vast majority of the Nifty 50 stocks ended in red today. Adani Enterprises was the top loser, down over 4 per cent. Nestle, IndusInd Bank, SBI Life, HDFC Life and Mahindra & Mahindra were the other major losers. On the other hand, Larsen & Toubro gained over 2 per cent. UltraTech Cement, BPCL, Hero MotoCorp and Asian Paints were the other major losers.
Broader indices also finished with losses on Friday. The BSE Midcap index dropped 0.8 per cent, while the Smallcap index was down 0.2 per cent. The overall breadth was also negative, with more than 1,900 declining stocks versus 1,500 advancing shares on the BSE.
Sectorally, the Realty index was the major loser down nearly 2 per cent. Macrotech Developers, Indiabulls Realestate, Phoenix and Oberoi Realty were the major losers, down 3 - 4 per cent each.
The BSE Bankex and IT index also slipped over a per cent each.
Mixed Day for Adani Group Shares
Apart from the flagship firm Adani Enterprises, shares of Adani Transmission and ACC also ended in red. On the positive font, Adani Wilmar, Adani Power and NDTV gained 5 per cent each. Ambuja Cements and Adani Green also finished higher.
In the broader markets, cement stocks logged smart gains in an otherwise weak market. The buying at these counters was attributed to hopes of an upbeat business outlook by the managements given the government’s thrust on infrastructure projects.
READ MORE Among others, Medanta hit its highest level since listing. The stock has rallied over 50 per cent in the last three months.
READ MORE IPCA Labs plunged 4 per cent as brokerages reduced their FY24/FY25E earnings per share (EPS) estimates for the company post its weak December quarter results.
READ MORE  "Sensex snaps 3-day winning run, sheds 317 pts; Banks, realty shares decline")
