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Sensex erases gains in late selloff; bank, financial stocks weigh

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BSE Sensex
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Equity benchmarks nursed losses for the second consecutive session on Friday as investors offloaded banking, finance and consumption stocks amid mixed global cues.

Mumbai: Equity benchmarks nursed losses for the second consecutive session on Friday as investors offloaded banking, finance and consumption stocks amid mixed global cues.

The BSE Sensex, which opened on a firm footing, came under fag-end selling pressure and closed at 38,845.82, down 134.03 points or 0.34 per cent. Similarly, the broader NSE Nifty slipped 11.15 points or 0.10 per cent to finish at 11,504.95. HDFC Bank was the top loser among the Sensex constituents, skidding 2.39 per cent, followed by Kotak Bank, Bajaj Finserv, Maruti, Titan, SBI, HUL, HDFC and Tata Steel. Bharti Airtel led the gainers' list with a jump of 3.73 per cent. M&M, NTPC, Tech Mahindra, Sun Pharma, PowerGrid and ONGC were among the other winners, climbing as much as 2.72 per cent.

During the week, the Sensex dropped 8.73 points or 0.02 per cent, while the Nifty advanced 40.50 points or 0.35 per cent. "Indian benchmark indices, after trading in the green for most of the day, succumbed to a round of selling in the last hour of trading, to close out the day flat, with a slight negative bias. "Global cues were mostly mixed after US Fed reserve failed to come out with an immediate stimulus measure and also due to resurgence in virus infections in some countries.

On a weekly basis, the benchmark indices closed out flat, although it was characterised by high volatility, fluctuating between gains and losses," said Vinod Nair, Head of Research at Geojit Financial Services. BSE finance, bankex, consumer durables, FMCG, capital goods and metal indices lost up to 1.16 per cent. On the other hand, healthcare, telecom, realty, utilities, power and auto indices surged as much as 3.50 per cent.

In the broader markets, the BSE mid-cap index rose 0.26 per cent, while the small-cap gauge skidded 0.32 per cent. On the global front, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains, while most stock exchanges in Europe were trading with a negative bias. Oil benchmark Brent crude was trading 0.39 per cent higher at USD 43.47 per barrel. In the forex market, the rupee strengthened by 21 paise to close at 73.45 against the US dollar.

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