Indian indices staged a smart recovery to end flat on Friday after declining over a percent in intra-day deals. Most indices trimmed some intraday losses adding to the recovery. However, the decline in metal, energy and auto sectors weighed the most on the benchmarks while gains in heavyweights HUL, HDFC Bank and RIL capped the fall.
at 52,344 while the Nifty fell 8 points to settle at 15,683.
For the week, both the Sensex and Nifty fell around a percent each, snapping four weeks of gains.
"The market continued to be in the consolidation phase witnessing broad-based selling, taking cues from the Fed policy and mixed global markets. US bond yields have cooled off from its high as global markets seem to have digested the latest Fed comments. China’s plan to sell metal reserves to check recent price hikes has pulled down the sector's sentiments," said Vinod Nair, Head Of Research at Geojit Financial Services. He expects markets to continue in the consolidation phase for a short while, which can be an opportunity for investors to buy on dips.
Broader markets, however, underperformed benchmarks with the midcap and smallcap indices down 0.9 percent and 0.7 percent, respectively.
On the Nifty50 index, Adani Ports, Bajaj Auto, HUL, Bharti Airtel and Grasim were the top gainers while ONGC, Coal India, JSW Steel, NTPC and UPL led the losses.
Among sectors, Nifty Bank and Nifty Fin Services recovered from intra-day lows to end flat while Nifty Auto and Nifty Metal fell 0.7 percent and 0.9 percent, respectively. Nifty IT and Nifty Pharma were also in the red, however, the FMCG sector rose 0.3 percent.
Shares of Rakesh Jhunjhunwala-backed Nazara Technologies tumbled 9 percent after global brokerage house CLSA initiated coverage on the stock with a 'sell' call due to expensive valuation.
SBI Cards and Payment Services declined over 4 percent after nearly seven percent of the company's equity changed hands via block deals. However, the names of the buyers and sellers were not immediately disclosed.
(Edited by : Pranati Deva)
First Published: IST