Market benchmarks slip for second day; FMCG, IT stocks drag

Benchmarks Sensex and Nifty stayed behind for the second consecutive session on Friday as investors dumped consumer goods, IT and equities stocks amid a weak opening in European markets.

Selling pressure in the heavyweight index Reliance Industries Also affected the market sentiment.

30 servings BSE Sensex It fell 223.01 points, or 0.35 percent, to settle at 62,625.63 points. On the day, it fell 253.9 points, or 0.40 percent, to 62,594.74 points.

the NSE Nifty It decreased by 71.15 points, or 0.38 percent, to close at 18,563.40 points.

On a weekly basis, the benchmark BSE index rose 78.52 points, or 0.12 percent, while the Nifty index gained 29.3 points, or 0.15 percent.

“The domestic market saw extended selling pressure as investors eagerly await domestic inflation data due on Monday as the Reserve Bank of India refrained from making a significant cut in inflation expectations.

“In addition to domestic factors, global signals also failed to provide support, with the US reporting higher unemployment claims ahead of the release of 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, down nearly 2 percent, 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, gainers included IndusInd Bank, Axis Bank, Larsen & Toubro, Power Grid, UltraTech Cement and Tata Motors.

The broader market ended flat, with the medium cap gauge BSE marginally up 0.03 percent and the small cap gauge rising 0.02 percent.

Among the indices, the Consumer Goods Index decreased by 0.82 percent, Tech fell by 0.79 percent, Information Technology (0.68 percent), Metals (0.66 percent), Commodities (0.58 percent), and Consumer Durables (0.58 percent). .

Industries, communications, utilities, capital goods and energy were moneymakers.

Most Asian stocks rose on Friday, as weak US employment data increased bets that the US Federal Reserve rate hike cycle has stalled, although disappointing inflation readings from China capped broader gains.

“European stocks fell at the open on Friday as traders were cautious ahead of policy meetings of major central banks next week,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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

Stock markets in Europe were trading in negative territory. US markets closed in positive territory on Thursday.

Brent crude, the global benchmark, rose 0.38 percent to $76.25 a barrel.

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

Inflows into equity mutual funds halved to Rs 3,240 crore in May, and fell for the second month in a row, mainly due to profit-taking by investors amid a market rally.

“Focus now turns to the US consumer inflation report for May, scheduled for June 13, ahead of the Fed meeting, which will provide investors with more clarity on the health of the world’s largest economy,” said Shrikant Chauhan, head of equity research. Retail), Kotak Securities Ltd.