NTPC was the biggest loser with a fall of nearly three per cent in Sensex shares.
Mumbai, The stock market continued to gain momentum for the last three days, and the BSE Sensex closed with a fall of 191 points on Friday. Markets edged lower on the back of losses in HDFC Ltd., HDFC Bank, Kotak Bank and Axis Bank, which had a strong share in the index amid a mixed trend globally.
The 30-share Sensex closed at 57,124.31, down 190.97 points, or 0.33 per cent, in volatile trade. Similarly, the Nifty of the National Stock Exchange closed at 17,003.75, down 68.85 points or 0.40 percent. NTPC was the biggest loser with a fall of nearly three per cent in Sensex shares.
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Besides, Mahindra & Mahindra, Axis Bank, PowerGrid, Kotak Bank, Dr. Reddy’s, Bajaj Finserv and HDFC were also losers. On the other hand, gainers include HCL Tech, Tech Mahindra, Wipro and Infosys. S Ranganathan, Head of Research, LKP Securities said, “Trades were in a limited range ahead of Christmas. Clearly this month was for the IT sector.
The sector remained firm in volatile trade. Investors are concerned about the impact of cost-based inflation on customers across sectors.” The impact of the production based incentive scheme has been positive, with exports and tax collections being good, he said. There are many areas where improvement is yet to be made.
Investors need to keep an eye on the current situation from a long-term perspective. In other Asian markets, Hong Kong’s Hang Seng and South Korea’s Kospi were up, while China’s Shanghai Composite Index and Japan’s Nikkei ended in losses. Major markets in Europe also had a declining trend in afternoon trading. Meanwhile, international oil benchmark Brent crude fell 0.10 per cent to $76.52 a barrel. (agency)