The Indian stock market closed lower on Friday, extending its weekly losses due to weak global cues and broad-based weakness across sectors.
The Sensex declined by 424.90 points, or 0.56%, to close at 75,311.06, while the Nifty fell by 117.25 points, or 0.51%, ending the session at 22,795.90. The Nifty Bank index also dropped by 353.35 points, or 0.72%, closing at 48,981.20.
The Nifty has closed lower in 12 of the last 13 trading sessions, reflecting the market’s continued downward trend. Among sectoral indices, 12 out of 13 major indices ended in the red. The Nifty Auto index emerged as the worst performer, falling by 2.5% after reports suggested that the government may reduce import duties on electric vehicles. In contrast, the Nifty Metal index posted gains, making it the top-performing sector.
Hindalco Industries, Tata Steel, and Eicher Motors were among the top gainers, while Mahindra & Mahindra, ICICI Bank, and Bharat Petroleum were the leading laggards.
Vikram Kasat of PL Capital-Prabhudas Lilladher attributed the market’s weak performance to concerns over US retaliatory tariffs and persistent foreign selling. He added that overnight losses on Wall Street, driven by a rise in US jobless claims and weak corporate outlooks, further weighed on investor sentiment.
Market experts noted that the hawkish tone of the US Federal Open Market Committee (FOMC) minutes, signaling prolonged higher interest rates, has raised concerns about liquidity in emerging markets, including India.
In the currency market, the rupee weakened by 0.05, closing at 86.70 despite a decline in the dollar index to 106.60. Foreign institutional investor (FII) selling continued to pressure the rupee, which is expected to trade between 86.45 and 87.10 in the coming days, influenced by global sentiment and capital flows.
Meanwhile, gold prices remained volatile. On the Comex, gold fluctuated between $2,920 and $2,935, while on the MCX, it traded within a range of ₹85,900 to ₹85,400.
The market is expected to remain cautious in the near term, with global developments and monetary policy decisions playing a key role in influencing investor sentiment.
-IANS
