The Indian stock market shed more than 1,000 points on Friday amid the global selloff, after the US Federal Reserve hinted at a slow pace of interest rate cuts in the future. Heavy selling was seen in the realty and PSU bank sectors of Nifty.
At closing, Sensex settled at 78,041.59 down by 1,176.46 points, or 1.49 per cent, and Nifty ended at 23,587.50 down by 364.20 points, or 1.52 per cent.
According to Krishna Appala of Capitalmind Research, the markets are becoming increasingly stock-specific while the broader indices take a pause.
"Several key events are driving the current sentiment, including the change in US Presidential regime, with Donald Trump to assume the presidency in January, and Indian Union Budget is just about weeks away," Appala said.
Nifty Bank closed at 50,759.20, after a decline of 816.50 points, or 1.58 per cent. The Nifty Midcap 100 index closed at 56,906.75 on trading end with a dip of 1,649.50 points, or 2.82 per cent.
On the sectoral front, selling was witnessed in Nifty's Auto, IT, Fin Services, Pharma, FMCG, Metal, Media, Energy, Private Bank, Infra, Commodities, and PSE sectors.
On the Bombay Stock Exchange (BSE), 1,057 shares ended in green and 2,935 in red, whereas there was no change in 93 shares.
The top losers in the Sensex pack were Tech Mahindra (NS:TEML), IndusInd Bank (NS:INBK), Axis Bank (NS:AXBK), M&M (NS:MAHM), Tata Motors (NS:TAMO), L&T, SBI (NS:SBI), TCS (NS:TCS), UltraTech Cement (NS:ULTC), Power Grid (NS:PGRD), Reliance (NS:RELI), and Tata Steel (NS:TISC). Nestle (NS:NEST) India and Titan (NS:TITN) were the top gainers.
According to analysts, the failure of US Fed to act quicker on rate cuts has dampened the global market mood, and this bearish view is further hurting the domestic market.
Meanwhile, the rupee traded with strength at 85.02 for the day, gaining 0.12 as it rebounded from oversold levels near 85.10.
Read also| PLI Scheme Attracts Rs 1.46 Lakh Crore Investment, Boosts FDI Inflows by 26%
Read also| India's Energy Storage Capacity Set for 12-Fold Growth by 2032: SBI Report
