Indian equity market fell for the fourth straight session on Friday, reflecting a risk-off sentiment overseas as stubborn inflation and faltering global growth sapped investor confidence.
Sensex opened lower and stayed in the negative zone throughout the session. It ended 360.78 points or 0.61 per cent lower at 58,765.58.
Nifty fell 86.10 points or 0.49 per cent to close at 17,532.05.
Bajaj Finserv was the top Sensex loser, diving 3.45 per cent, followed by Maruti Suzuki which fell 2.39 per cent after the country’s largest carmaker reported a 46.16 per cent decline in September sales, impacted by the global semiconductor shortage.
Bharti Airtel stock fell 2.22 per cent after the Department of Telecom (DoT) imposed a penalty of Rs 1,050 crore on the firm based on sector regulator Trai’s recommendation five years ago.
Asian Paints, Bajaj Finance, HDFC, NTPC, ICICI Bank and TCS were among the other losers.
On the other hand, M&M, Dr Reddy’s, UltraTech Cement, Sun Pharma, PowerGrid and Tata Steel were among the top Sensex gainers, climbing as much as 3.05 per cent.
“Despite favourable growth in India’s core sector output, which accelerated by 11.6 per cent in August from 9.9 per cent in July, domestic indices were in red reflecting weak global cues and losses in heavyweights. High Eurozone inflation at 3.4 per cent in September, slowing global growth and the existing Chinese crisis bolstered global sell-off.
“The auto sector is hold-on despite weak sales, in anticipation of festival demand, as numbers from major manufacturers showed a fall in September sales mainly due to semiconductor supply shortage,” said Vinod Nair, Head of Research at Geojit Financial Services.
During the week, the Sensex plunged 1,282.89 points, or 2.13 per cent, while the Nifty declined 321.15 points or 1.79 per cent.
On a sectoral basis, BSE realty, telecom, teck, finance and IT indices ended up to 1.56 per cent lower on Friday, while consumer durables, metal, healthcare and basic materials settled with gains.
Broader BSE midcap and smallcap indices ended on a mixed note.
Global markets languished as rising inflation and elevated energy prices cast a cloud over economic recovery.
Elsewhere in Asia, bourses in Tokyo and Seoul ended in the red. Shanghai and Hong Kong markets were closed for a holiday.
Markets in Europe were also trading with significant losses after Eurozone inflation spiked to a 13-year high in September.
Meanwhile, international oil benchmark Brent crude fell 0.47 per cent to $77.94 per barrel.
The rupee snapped a five-session losing streak to end 11 paise higher at 74.12 against the US dollar.
Foreign institutional investors remained net sellers in the capital market on Thursday, offloading shares worth Rs 2,225.60 crore, as per exchange data.