Market snaps 3-day winning streak as RIL, banks slide

Mumbai: Market benchmarks nursed losses on Friday after three days of gains as the unabated rise in Covid-19 cases and localised lockdowns prompted investors to unwind bets in banking, finance and infra counters.

A continuously depreciating rupee also sapped risk appetite, traders said. After a fluctuating session, the 30-share BSE Sensex ended 154.89 points or 0.31 per cent lower at 49,591.32. Similarly, the broader NSE Nifty slipped 38.95 points or 0.26 per cent to 14,834.85. Bajaj Finance was the top laggard in the Sensex pack, tumbling 3.12 per cent, followed by UltraTech Cement, NTPC, Axis Bank, ICICI Bank, IndusInd Bank, Reliance Industries, L&T and HDFC Bank. On the other hand, Sun Pharma, HUL, Tech Mahindra, Dr Reddy's and Titan were among the gainers, climbing up to 3.69 per cent. During the week, the Sensex declined 438.51 points or 0.87 per cent, while the Nifty shed 32.50 points or 0.21 per cent. "Domestic markets traded in a mild negative territory following weak global cues and increasing Covid cases. Fall in the market was led by the private banks as concerns on the banks' asset quality spiked with increasing restrictions across states. "Buying interest was seen in PSU Banks in hopes of finalisation of potential privatisation candidates. On the sectoral front, pharma stocks were the top gainers while broader markets continued to perform well," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE metal, power, bankex, capital goods, finance and realty indices lost up to 1.11 per cent, while healthcare, FMCG, consumer durables, IT and teck rose as much as 2.32 per cent. IT stocks remained in focus ahead of results next week, while a weak rupee also spurred buying in the counters.