Domestic benchmark indices extended their losing streak to the third session but managed to hold on to gains for the second consecutive week.
On Friday, after plunging nearly 900 points during the day on the back of a sharp fall in heavyweight Reliance Industries, the indices managed to trim losses, with Sensex falling 111 points or 0.21 per cent to 52,907.93. The Nifty fell 28.20 points but closed above the 15,750 mark.
ONGC was the biggest loser in the Nifty50 pack, plunging 13 per cent, followed by RIL, which cracked 7.25 per cent. ONGC lost a market cap of Rs 25,800 crore while Reliance Industries saw Rs 1.26 lakh crore market cap erosion today.
PowerGrid, NTPC, Bharti Airtel, Maruti, Dr Reddy’s Laboratories and ICICI Bank were the other major laggards.
On the other hand, ITC, Bajaj Finance, Bajaj Finserv, Hindustan Unilever, Asian Paints, TCS and HDFC were among the major gainers.
Shares of oil refining and marketing companies tumbled sharply in Friday’s session after the Ministry of Finance increased export duties on select petroleum products and announced additional windfall tax on gains made by domestic refineries.
Meanwhile, the Nifty FMCG index jumped 2.8 per cent on its best day since mid-March, helped in part by a slump in palm oil prices.
Yesha Shah of Samco Securities said the short-term trend continues to remain bearish, but the Nifty has outshone its global peers, with most global equity indices trading or breaking below their recent support.
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