27 C
Guwahati
Sunday, October 6, 2024

Market benchmarks slip for 2nd day; FMCG, IT stocks drag

- Advertisement -
- Advertisement -

MUMBAI, June 9 (PTI): Equity benchmark indices Sensex and Nifty stayed on the back foot for the second straight session on Friday as investors offloaded FMCG, IT and teck stocks amid a weak opening in European markets.

Selling pressure in index heavyweight Reliance Industries also impacted the market sentiments.

- Advertisement -

The 30-share BSE Sensex fell 223.01 points or 0.35 per cent to settle at 62,625.63. During the day, it declined 253.9 points or 0.40 per cent to 62,594.74.

The NSE Nifty went lower by 71.15 points or 0.38 per cent to end at 18,563.40.

On a weekly, the BSE benchmark climbed 78.52 points or 0.12 per cent, while the Nifty gained 29.3 points or 0.15 per cent.

“The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday as the RBI refrained from an aggressive cut in their inflation forecast.

- Advertisement -

“In addition to the domestic factors, global cues also failed to provide support, as the US reported high unemployment claims ahead of the release of the inflation figures and the Fed meeting,” said Vinod Nair, head of research at Geojit Financial Services.

Tata Steel was the biggest loser in the Sensex chart, slipping nearly 2 per cent, followed by State Bank of India, Hindustan Unilever, HCL Technologies, Infosys, ITC, Asian Paints, Mahindra & Mahindra, Tech Mahindra, Tata Consultancy Services and Reliance Industries.

On the other hand, IndusInd Bank, Axis Bank, Larsen & Toubro, Power Grid, UltraTech Cement and Tata Motors were among the gainers.

The broader market ended flat, with the BSE midcap gauge climbing marginally by 0.03 per cent and smallcap index went up by 0.02 per cent.

- Advertisement -

Among the indices, FMCG fell 0.82 per cent, teck declined 0.79 per cent, IT (0.68 per cent), metal (0.66 per cent), commodities (0.58 per cent) and consumer durables (0.58 per cent).

Industrials, telecommunication, utilities, capital goods and power were the gainers.

“Most Asian stocks rose on Friday, as weak US labour data ramped up bets on a pause in the US Fed’s rate hike cycle, although disappointing inflation readings from China capped broader gains.

“European stocks slipped at the open on Friday as traders were cautious ahead of the policy meetings of key central banks next week,” said Deepak Jasani, head of retail research, HDFC Securities.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green.

Equity markets in Europe were trading in the negative zone. The US markets ended in positive territory on Thursday.

Global oil benchmark Brent crude climbed 0.38 per cent to USD 76.25 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 212.40 crore on Thursday, according to exchange data.

Inflow in equity mutual funds halved to Rs 3,240 crore in May, declining for the second consecutive month, primarily due to profit booking by investors amid a rising market.

“Focus now shifts to the US consumer inflation report for May, due on June 13, ahead of the Fed meeting, which will provide investors more clarity about the health of the world’s largest economy,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

- Advertisement -
The Hills Times
The Hills Timeshttp://www.thehillstimes.in
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
8 Famous Hills To Visit In Meghalaya In October 9 Must Visit Places In Kerala In October 9 South Indian Egg Recipes For Breakfast 10 Picture-Perfect Hill Stations To Visit This October 10 Things To Know About Rhino Conservation Efforts In India