Mumbai: The Indian equity markets slipped for the fifth consecutive session on Friday, weighed down by sustained foreign outflows and increasing uncertainties about the trade deal between India and the US and fresh tariff threats.
At the closing bell, the Sensex lost 605 points, or 0.72 per cent, and settled at 83,576. The Nifty had edged down by 193.5 points, or 0.75 per cent, to close at 25,683.
Investors remained cautious ahead of a US Supreme Court ruling regarding the legality of US tariffs and domestic inflation data for December, scheduled to be released on Monday.
The benchmark indices fell to their lowest level in over two months with Nifty trading below psychological level of 25,700. Nifty opened at 25,840, touched an intraday high of 25,940, and subsequently faced profit booking, slipping to an intraday low of 25,648.
Market sentiment was also affected by US President Donald Trump’s assent to a sanctions bill that could impose 500 per cent tariffs on countries buying Russian oil.
ONGC and Bharat Electronics were among the major gainers on the Nifty.
On the sectoral front, Nifty realty was the largest loser, down 2.12 per cent. Except IT, PSU Bank, Oil and Gas, all other indices traded in the red, with auto down 1.11 per cent and FMCG and consumer durables down 1.17 per cent.
The broader markets performed in line with the benchmark indices as Nifty Midcap 100 index lost 0.69 per cent, while the NSE Smallcap 100 declined 0.79 per cent.
Analysts said the market is likely to trade within a range with a mixed bias despite heightened geopolitical headwinds. Domestic GDP growth is expected to remain strong, and Q3 results should indicate a recovery led by midcaps, potentially stabilising investor sentiment, they added.
Meanwhile, rupee weakened by 22 paise to 90.11 against the dollar, pressured by weakness in domestic equity markets and continued FII selling.
(IANS)
