Sensex, Nifty end lower as bank stocks drag; Axis Bank falls 2%

Sensex, Nifty end lower as bank stocks drag; Axis Bank falls 2%

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The S&P BSE Sensex lost 210.45 points to 79,032.73, while the NSE Nifty50 ended 33.90 points lower at 24,010.60. 

Benchmark stock market indices erased gains to end lower on Friday, dragged by a decline in banking and financial stocks.

The S&P BSE Sensex lost 210.45 points to 79,032.73, while the NSE Nifty50 ended 33.90 points lower at 24,010.60.

The Nifty bank index was down 0.89% after having lost 469.05 points, while Nifty financial services was down 0.87%.

“The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. Initially positive, the session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24,009.30 levels, down by 0.15%. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5%-0.9% in broader indices,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

He further added that there’s a possibility of consolidation in the benchmark index following recent upward movement, with support expected around the 23,700-23,900 range on any declines ahead.

“Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher. Similar market dynamics are anticipated in the upcoming session, so traders should strategise accordingly,” he added.

Dr Reddy’s Laboratories emerged as the top gainer with a 2.63% increase. Following closely, Oil and Natural Gas Corporation (ONGC) rose by 2.56%.

Reliance Industries saw a gain of 2.19%. Hero MotoCorp and SBI Life Insurance also performed well, with increases of 1.91% and 1.88% respectively.

Axis Bank experienced the largest drop, falling by 1.95%. ICICI Bank decreased by 1.86% to 1197.25, while Bharti Airtel dropped by 1.82%.