Market closing: Sensex sheds over 450 points to settle at 59,900, Nifty below 17,900

Sensex sheds over 450 points to settle at 59,900, Nifty below 17,900

Equity benchmarks pared initial gains to end lower on Friday, recording their third day of decline, amid weak trend in IT counters.

The BSE Sensex (MINT_PRINT)

The 30-share BSE Sensex tumbled 452.90 points or 0.75 per cent to settle at 59,900.37. During the day, it tanked 683.36 points or 1.13 per cent to 59,669.91.

The broader NSE Nifty went lower by 132.70 points or 0.74 per cent to end at 17,859.45.

From the Sensex pack, Tata Consultancy Services, Bajaj Finserv, IndusInd Bank, Tech Mahindra, Bajaj Finance, Kotak Mahindra Bank, Infosys and Tata Motors were the major laggards.

Mahindra & Mahindra, Reliance Industries, Nestle, ITC and Larsen & Toubro were the winners.

Elsewhere in Asia, equity markets in Seoul, Tokyo and Shanghai ended in the green, while Hong Kong settled lower.

Equity exchanges in Europe were trading on a mixed note in mid-session deals. Markets in the US had ended lower on Thursday.

"The Indian equity markets have begun the new year on a slightly cautious note, in line with the global markets, continuing the trend visible in December 2022. While expectations remain of softer rate tightening by the global central banks from hereon, concerns remain on the overall economic environment amidst the high interest rates and sticky core inflation," said Milind Muchhala, Executive Director, Julius Baer India.

Foreign Institutional Investors (FIIs) offloaded shares worth a net ₹1,449.45 crore on Thursday, according to exchange data.