Stock markets drift lower for 2nd session

Mumbai: Equity benchmark indices Sensex and Nifty stayed on the back foot for the second straight session on Friday as investors offloaded FMCG, IT and teck stocks amid a weak opening in European markets. Selling pressure in index heavyweight Reliance Industries also impacted the market sentiments. The 30-share BSE Sensex fell 223.01 points or 0.35 per cent to settle at 62,625.63. During the day, it declined 253.9 points or 0.40 per cent to 62,594.74. The NSE Nifty went lower by 71.15 points or 0.38 per cent to end at 18,563.40. On a weekly, the BSE benchmark climbed 78.52 points or 0.12 per cent, while the Nifty gained 29.3 points or 0.15 per cent.

“The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday as the RBI refrained from an aggressive cut in their inflation forecast. In addition to the domestic factors, global cues also failed to provide support, as the US reported high unemployment claims ahead of the release of the inflation figures and the Fed meeting,” said Vinod Nair, head (research) at Geojit Financial Services. Tata Steel was the biggest loser in the Sensex chart, slipping nearly 2 per cent, followed by SBI, HUL, HCL Technologies and others.