Mumbai: Indian stock markets on Friday continued their downward trend for the eighth straight session, with both the Sensex and the Nifty ended in the negative territory amid global trade uncertainties.
At the closing bell, the Sensex, which had fallen to 75,439 during the intra-day session, rebounded to close around 200 points lower at 75,939.
Similarly, the Nifty shed 102 points or 0.55 per cent to end at 22,929.
Some of the biggest losers in the Nifty index included Trent, Grasim, Bajaj Auto, Hero MotoCorp and Sun Pharma, with losses ranging between 2.5 per cent and 5 per cent. The pharmaceutical sector was among the worst hit.
Stocks such as Natco Pharma and Laurus Labs plunged over 9 per cent, while other companies, including IFCI, Glenmark Pharma, Finolex Cables, HFCL and BEML saw declines of more than 7 per cent.
The Nifty Smallcap 100 index dropped nearly 4 per cent to close at 15,373.70, a steep decline of around 22 per cent from its peak of 19,716.20.
The broader market also faced significant selling pressure, as the Nifty Midcap 150 index slipped nearly 2.5 per cent to settle at 18,325.40.
Market analysts attributed weak investor sentiment and concerns over global economic uncertainties to the extended losses in the market.
Global trade concerns escalated after US President Donald Trump signed an order instructing the Trade Representative and the Commerce Secretary to develop new country-specific tariffs. Trump also announced plans to impose additional import taxes on key industries, including automobiles, semiconductors and pharmaceuticals.
According to Vinit Bolinjkar, Head of Research at Ventura Securities, markets opened higher on optimism around Trump-PM Modi talks but soon turned negative as trade war concerns overshadowed sentiment.
“Crude oil prices firmed up after the U.S. delayed tariff implementation, but broader market sentiment remained cautious,” he mentioned.
For the week, Nifty and Sensex faced resistance at higher levels, leading to profit booking. Global macro uncertainties and mixed earnings kept investors wary.
(IANS)
