Indian equity benchmarks closed in the red on Friday, dragged down by heavyweights led by Reliance Industries, as investors remained cautious over US tariff concerns.
The Sensex ended 270.92 points lower at 79,809.65, a fall of 0.34 per cent, after trading mostly flat through the day. The 30-share index had opened at 80,010.83 against the previous close of 80,080.57, before slipping to an intra-day low of 79,741.76. The Nifty declined 74.05 points, or 0.30 per cent, to settle at 24,426.85.
“Investor sentiment stayed cautious as markets tried to gauge the full impact of US tariffs. This development could potentially dent the competitiveness of India’s exports. Meanwhile, risk aversion and stretched valuations particularly weighed on mid- and small-cap stocks, while FMCG shares continued to see buying interest,” said Vinod Nair, Head of Research, Geojit Financial Services.
Among Sensex constituents, Mahindra & Mahindra, Reliance, Infosys, Tata Motors, NTPC, Tech Mahindra, HDFC Bank, Titan, and Axis Bank ended in the red. Gains in ITC, BEL, L&T, Tata Steel, Power Grid, Sun Pharma, and HCL Tech partly cushioned the fall.
Sectoral performance remained mixed. Nifty Auto (-0.88%), Nifty IT (-0.87%), Nifty Bank (-0.31%), and Nifty Financial Services (-0.28%) saw declines, while Nifty FMCG surged 0.95% on hopes of GST rate rationalisation and resilient consumer demand.
Broader markets also slipped, with Nifty Midcap 100 down 0.57%, Nifty Smallcap 100 losing 0.39%, and Nifty 100 easing 0.30%.
Meanwhile, the rupee hit a record low of 88.20 against the US dollar, dropping 0.70 per cent amid selling pressure following the US tariff move. “The widening fiscal deficit is likely to add further strain. While the upcoming GST Council decision may provide some relief, traders are expected to stay cautious until clarity emerges on final rate changes. The rupee is expected to trade in the range of 87.65–88.45,” said Jateen Trivedi, VP Research, LKP Securities.
-IANS