Sensex, Nifty Extend Losses To Second Straight Day; Financial Stocks Worst Hit

HDFC Bank, Shree Cement, Bajaj Finserv, Kotak Mahindra Bank and Maruti Suzuki were the worst hit among the 22 laggards in the Nifty basket of 50 shares.

Sensex, Nifty Extend Losses To Second Straight Day; Financial Stocks Worst Hit

Domestic stock markets gave up early gains to end lower on Friday, marking a second straight day of decline, amid a selloff in banking and financial services shares. The S&P BSE Sensex traded in a more than 550-point range during the session, shedding 564.69 points from the strongest level of the day to hit 38,635.73 in late afternoon deals. The broader NSE Nifty 50 benchmark logged a swing of 138 points, between 11,446.10 and 11,584.10, during the volatile session. Both the indices had started the day around half a per cent higher.

The Sensex ended 134.03 points - or 0.34 per cent - lower at 38,845.82, and the  Nifty settled at 11,504.95 for the day, down 11.15  points - or 0.10 per cent - from its previous close. 

Buying interest in pharmaceutical and select energy and automobile stocks limited the downside.

HDFC Bank, Shree Cement, Bajaj Finserv, Kotak Mahindra Bank and Maruti Suzuki, ending between 1.82 per cent and 2.28 per cent lower, were the worst hit among the 22 laggards in the Nifty basket of 50 shares.

On the other hand, Dr Reddy's Laboratories, Cipla, Adani Ports, Bharti Airtel and Mahindra & Mahindra, closing between 2.85 per cent and 9.92 per cent higher, were the top gainers in the index.

HDFC Bank, HDFC and Kotak Mahindra Bank were the top drags on Sensex, whereas Bharti Airtel, Reliance Industries and Mahindra & Mahindra were the biggest supports.

Overall market breadth was largely neutral with a negative bias, as 826 stocks on the NSE ended higher against 990 that settled lower.