Indian equity benchmarks ended a choppy session in the red on Friday dragged by IT and consumer shares, extending losses to a third straight session. Gains in oil & gas shares, however, lent some support. Globally, the Fed's hawkish mood, shifts in Chinese economic policy and ongoing ructions in commodity markets due to the Ukraine crisis remained on investors' radar.
Both headline indices indices finished the day down 0.4 percent. The 30-scrip Sensex index declined 233.5 points to settle at 57,362.2, retreating 483.2 points from its highest level of the day. The broader Nifty50 benchmark closed at 17,153, down 69.8 points from its previous close.
Titan, Tech Mahindra, Maruti Suzuki, Indian Oil, Eicher, Hero MotoCorp and Nestle, closing between 1.3 percent and 3.4 percent lower, were the top blue-chip laggards. Titan faced selling pressure ahead of the company's quarterly update due next week.
On the other hand, Bajaj Auto, Adani Ports, SBI, Reliance Industries and Asian Paints, up between 0.7 percent and 1.9 percent, rose the most among the 13 gainers in the Nifty50 pack. Reliance shares hit a five-month closing high.
Gains in Reliance Industries, SBI and Kotak Mahindra Bank saved both main indices from deeper cuts for the day.
"The domestic market will continue to follow global developments. An end to the war and a rise in oil supply can help India sustain its resilience else high volatility will be a concern in the short term," said Vinod Nair, Head of Research at Geojit Financial Services.
The Nifty Consumer Durables was the worst hit among NSE's sectoral indices, down two percent for the day.
IT stocks fell, with TCS, Infosys and Wipro falling 0.5-1 percent for the day. The Nifty IT index closed one percent lower.
Broader markets also weakened, with the Nifty Midcap 100 edging 0.1 percent at the close.
In the midcap and smallcap segments, BSE, Ajanta Pharma, Valiant Organics and Wockhardt -- falling around 3-5 percent -- were among the top losers. EIH, Hikal, Lemontree and Dhani Services -- rising 6-10 percent -- were among the top gainers.
Overall market breadth was in favour of the bears, with an advance decline ratio of 1:2 as 717 stocks rose on NSE and 1,415 fell.
Global markets
European shares recovered initial losses but were on course to end the week lower, following a largely weak session across Asian markets. The pan-European Stoxx 600 index was up half a percent at the last count.
S&P 500 futures were up 0.3 percent, suggesting a positive start ahead on Wall Street.
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