Closing bell: Sensex, Nifty end over 1% lower; IT stocks drag

Updated : January 15, 2021 04:33 PM IST

The IT sector fell the most, over 2 percent followed by the pharma index, which was down 1.5 percent.

Indian indices ended over a percent lower on Friday as major selling was seen in all sectors during the day. The Sensex ended 549 points lower at 49,034 while the Nifty lost 162 points to settle at 14,434.

The IT sector fell the most, over 2 percent followed by the pharma index, which was down 1.5 percent. Nifty Bank, Nifty Auto, Nifty FMCG and Nifty Metals also lost between 0.5 percent and 1 percent for the day.

On the Nifty50 index, Tata Motors, Bharti Airtel, UPL, ITC, and Grasim were the top gainers while Tech Mahindra, Wipro, HCL Tech, GAIL and ONGC led the losses.

Broader markets were also in line with the benchmark with the Nifty midcap and Nifty smallcap indices down over a percent each.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities witnessed sharp pullback with increased volatility.

”However, we are not surprised with the day’s fall as this was broadly expected as benchmark indices had been marking fresh highs for last couple of days, which made valuations quite stretched,” he was quoted as saying in a PTI report.

He also noted that any meaningful correction is likely to be bought out in the subsequent period as the underlying strength of the market remains intact.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended on a positive note, while Seoul and Tokyo were in the red.

Published : January 15, 2021 03:36 PM IST

Closing bell: Sensex, Nifty end over 1% lower; IT stocks drag

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