Selling pressure continued at the equity markets for the second consecutive day on Friday with key indices losing about 1% each with the top losers being IT and banking stocks.
The BSE S&P Sensex dropped 677.77 points, or 1.13%, to 59,306.93 points. Similarly, the Nifty 50 index of the NSE dropped 185.60 points, or 1.04%, to 17,671.65.
The top Sensex losers were Tech Mahindra, down 3.53%, NTPC, down 3.49%, Kotak Mahindra Bank, down 3.13%, IndusInd Bank, down 3.01% and L&T, down 2.51%.
Commenting on the market Vinod Nair, Head of Research at Geojit Financial Services, said, “Energy and private bank stocks remained under pressure following dull global sentiments. European markets opened weak even as the ECB decided to keep policy rates unchanged despite the inflationary pressure.”
“U.S. futures are trading in the red following slow GDP growth and disappointing earnings from tech giants. Decisions of the Fed in its meeting next week will be a major factor that will drive global equities in the coming days,” he added.
