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Indian equity markets closed lower on Friday, with the Sensex falling by 230 points, or 0.28%, to 81,381, and the Nifty slipping by 34 points, or 0.14%, to 24,964. The decline was primarily driven by a sell-off in financial and auto stocks, alongside weakness in shares of Tata Consultancy Services (TCS).
The banking sector bore the brunt of the downturn, with the Nifty Bank index falling by 358 points, or 0.70%, to 51,172. However, there was some relief in the midcap and smallcap segments. The Nifty Midcap 100 index rose by 276 points, or 0.47%, to 59,212, and the Nifty Smallcap 100 index gained 108 points, or 0.58%, to 19,008.
Sector-wise, IT, pharma, metal, media, energy, infrastructure, commodities, and consumption stocks performed well, while auto, financial services, real estate, private banks, and services were the major laggards.
Among the top gainers in the Sensex pack were HCL Tech, Tech Mahindra, JSW Steel, Hindustan Unilever, Infosys, Titan, Wipro, Sun Pharma, L&T, SBI, Bharti Airtel, and Tata Steel. On the other hand, NTPC, Bajaj Finance, UltraTech Cement, Asian Paints, ITC, HDFC Bank, and TCS were the top losers.
Market experts attributed the sideways movement to a lack of strong triggers that could drive the market decisively. An uptick in the US 10-year bond yield, driven by an unexpected rise in US core inflation, and caution ahead of the earnings season contributed to the cautious sentiment. Additionally, ongoing geopolitical tensions led foreign institutional investors (FIIs) to shift their focus toward more affordable markets, impacting domestic liquidity.
FIIs continued to sell off on October 10, offloading equities worth Rs 4,926 crore, while domestic institutional investors (DIIs) extended their buying spree, purchasing shares worth Rs 3,878 crore on the same day.
The markets opened on a negative note earlier in the day, with the Sensex down by 142 points, or 0.17%, to 81,469, and the Nifty down by 36 points, or 0.12%, to 24,960.
