Mumbai April 28 (IANS) Huge outflow of foreign funds coupled with weak global cues and heavy selling pressure in FMCG IT and consumer durables stocks subdued the Indian equity markets on Friday.
The barometer 30-scrip BSE Sensex slipped below the psychologically important 30 000-point mark during the intra-day trade while the wider 51-scrip Nifty of the National Stock Exchange (NSE) closed above the 9 300 points mark.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 38.10 points or 0.41 per cent to close at 9 304.05 points.
The BSE Sensex which opened at 30 064.60 points closed at 29 918.40 points -- down 111.34 points or 0.37 per cent from its previous close at 30 029.74 points.
The Sensex touched a high of 30 067.64 points and a low of 29 848.21 points during the intra-day trade.
The BSE market breadth was bearish -- with 1 472 declines and 1 396 advances.
In terms of the broader markets the S&P BSE mid-cap index closed up by 0.18 per cent while the small-cap index rose by 0.61 per cent.
After opening with flat note Nifty shifted into decline for better part of the day with choppy trade. It made an attempt to show intra-day upside recovery during afternoon to later part but was not able to gain Deepak Jasani Head - Retail Research HDFC Securities told IANS.
Major Asian markets have ended on a mixed note. European markets like CAC and DAX currently traded in slight positive note and the FTSE 100 traded in minor negative note.
Anand James Chief Market Strategist of Geojit Financial Services said: With Trump optimism waning Indian stocks took little inspiration from global equities whose gains were limited ahead of FOMC (Federal Open Market Committee) rate decision next week.
While earning shocks kept pharma and realty under check FMCG stocks were seen struggling probably after FM s (Finance Minister) announcement on GST (Goods and Services Tax) stoked concerns over higher commodity tariffs.
On the currency front the Indian rupee weakened by 9-10 paise to 64.24-25 per dollar from its previous close of 64.15-16 to a greenback.
In terms of investments provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold scrip worth Rs 1 150.43 crore while the domestic institutional investors (DIIs) purchased scrip worth Rs 1 684.44 crore.
Most banking stocks witnessed firm price movement throughout the session. Media sector stocks outperformed the bearishness in the market said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
Along with PSU banks metal remained top performing sectors on a positive side.
Sector-wise the S&P BSE FMCG index dipped by 115.84 points followed by the IT index which fell by 65.83 points and the consumer durables index which edged down by 65.36 points.
In contrast the S&P BSE metal index surged by 166.95 points the automobile index gained 147.96 points and the banking index was up by 74.17 points.
Major Sensex gainers on Friday were: ONGC up 3.76 per cent at Rs 186.30; State Bank of India (SBI) up 2.66 per cent at Rs 289.45; Maruti Suzuki up 2.42 per cent at Rs 6 525.50; Asian Paints up 1.62 per cent at Rs 1 120.50; and ICICI Bank up 1.62 per cent at Rs 278.50.
Major Sensex losers were: ITC down 2.28 per cent at Rs 278.60; HDFC down 1.93 per cent at Rs 1 537.05; HDFC Bank down 1.60 per cent at Rs 1 542.15; Tata Consultancy Services (TCS) down 1.27 per cent at Rs 2 272.10; and Hindustan Unilever (HUL) down 1.23 per cent at Rs 934.70.
The equity markets will be closed on Monday May 1 2017 on the occasion of Maharashtra Day.
--IANS
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Funds outflows, weak global cues subdue equities, Sensex below 30k mark (Roundup)
