Bulls take a breather, financials drag Sensex 264 points lower, Nifty slips below 26,200
Sensex and Nifty closed in the red on Friday, taking a breather after hitting seven consecutive sessions of fresh record highs, dragged down by heavyweight financial stocks and investors’ profit-booking. The indices rose for third straight week.
The BSE Sensex declined 264 points or 0.31%, settling at 85,571. The broader NSE Nifty dropped 37 points or 0.14%, ending at 26,178.
HDFC Bank, ICICI Bank, Bharti Airtel, L&T, Power Grid, and Kotak Mahindra Bank were the top contributors dragging down the Sensex, while Sun Pharma, Reliance Industries, Titan, and HCL Tech closed higher.
Meanwhile, IT companies, which have the second-heaviest weightage among the major sectors and get a major portion of their revenue from US clients, closed up to 1.4% higher after US peer Accenture posted better-than-expected quarterly earnings due to strong demand for its AI services. During the day IT majors Infosys, Wipro, Tech Mahindra and Coforge rallied up to 4%.
Metal stocks also surged up to 2% on higher global prices, after Chinese officials pledged stimulus to boost China's struggling economy. Vedanta, National Aluminium, and Hindalco were the top gainers in the Nifty Metal index.
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