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

Selling pressure in Reliance Industries also added to the weak trend


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 added to the weak trend in equities.

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.

Tata Steel was the biggest loser in the Sensex chart, slipping nearly 2 per cent, 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, IndusInd Bank, Axis Bank, Larsen & Toubro, Power Grid, UltraTech Cement and Tata Motors were among the gainers.

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

Equity markets in Europe were trading in the negative zone. The US markets ended in positive territory on Thursday.

"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 of Research at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.38 per cent to $76.25 a barrel.

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

The BSE benchmark fell 294.32 points or 0.47 per cent to settle at 62,848.64 on Thursday. The NSE Nifty declined 91.85 points or 0.49 per cent to end at 18,634.55.

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