Indian stock market retreat as profit booking ends five day rally

The Indian stock market witnessed a downturn on Friday, ending a five-day winning streak as profit-booking sentiments prevailed.

 

Benchmark indices, Sensex and Nifty, closed lower with significant losses, reflecting a cautious approach by investors amidst global economic uncertainties.

 

Sensex plummeted by 609 points to close at 73,730, while Nifty experienced a decline of 150 points, settling at 22,419.

 

The market capitalization of BSE-listed firms also witnessed a decline, touching Rs 404.46 lakh crore by the end of the trading session.

 

Several heavyweight stocks contributed to the downward trajectory of Sensex, with Bajaj twins, IndusInd Bank, Nestle, Kotak Bank, M&M, and JSW Steel emerging as the top losers.

 

Among the 30 Sensex stocks, 22 ended the day in the red. Conversely, Tech Mahindra, Wipro, ITC, Ultratech Cement, Titan, and Axis Bank managed to buck the trend, recording gains of up to 7.34 percent.

 

The banking and auto sectors bore the brunt of the market downturn, with BSE banking and auto indices closing 387 points and 125 points lower, respectively.

 

Global economic concerns also weighed on investor sentiment, particularly with the release of weak GDP data from the United States.

 

The US economy reported its slowest pace of economic growth in nearly two years during the last quarter, falling short of Wall Street estimates.