Mkts end week with a thud amid weaker cues

Benchmark stock indices Sensex and Nifty fell for the third day running on Friday due to weak trends in global markets and soaring crude oil prices.

Foreign fund outflows also weighed on investor sentiments amid strengthening US bond yields which are nearing 5 per cent for the first time since 2007. The 30-share BSE Sensex fell 231.62 points or 0.35 per cent to settle at 65,397.62. During the day, it plunged 320.63 points or 0.48 per cent to 65,308.61. Falling for a third straight day, the Nifty declined 82.05 points or 0.42 per cent to 19,542.65. In three sessions to Friday, Sensex dropped 1,030 points, while Nifty tanked 268 points due to selling pressure.

The market capitalisation (mcap) on BSE fell by Rs2,06,457.86 crore to Rs3,18,89,766.03 (Rs318.89 lakh cr) taking the total investors’ wealth loss to Rs4,93,457.86 cr in the last three sessions.

Among the Sensex firms, ITC, Tata Steel, Hindustan Unilever, State Bank of India, JSW Steel and Power Grid were the major laggards. Kotak Mahindra Bank, IndusInd Bank, Tata Consultancy Services and NTPC were the major gainers.

Vinod Nair, head (research) at Geojit Financial Services, said: “The added uncertainty stemming from West Asia tensions and the imperative for continued monetary tightening emphasized by the US Fed Chair created a layer of volatility in the market.