Bombay Stock Exchange (BSE) building in Mumbai. file | photo credit: Reuters
Benchmark indices pared early gains and closed lower on Friday due to a weak trend in Asian markets and concerns that the US Federal Reserve would hike interest rates further to curb inflation.
Fresh foreign fund outflows and selling pressure in HDFC Twins also weighed on investor sentiment.
Despite a strong opening, the BSE Sensex closed at 59,463.93, down 141.87 points or 0.24%. During the day, it fell 280.46 points, or 0.47%, to 59,325.34.
The NSE Nifty closed 45.45 points, or 0.26%, down at 17,465.80.
In the Sensex pack, Mahindra & Mahindra, Tata Steel, Tata Motors, Maruti, Larsen & Toubro, HDFC, HDFC Bank, Tech Mahindra and Bharti Airtel were the major laggards.
Asian Paints, Bajaj Finserv, Power Grid, Reliance Industries, NTPC and UltraTech Cement were among the gainers.
“The domestic market is exhibiting a widespread lack of confidence, registering losses for its sixth consecutive day despite global markets turning green. Continued selling by FIIs in the domestic market acted as a hindrance in sustaining early gains. Crude oil prices gained as Vinod Nair, head of research at Geojit Financial Services, said “lower Russian exports are likely outweighed by rising US inventories.”
In Asian markets, South Korea, China and Hong Kong ended with losses, while Japan closed in the green.
Europe’s stock markets were trading in the green mark in the afternoon trade. US markets closed with gains on Thursday.
International oil benchmark Brent crude climbed 0.92% to $82.97 a barrel.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,417.24 crore on Thursday, according to exchange data.