Stock markets cut short 6-day rally, Sensex falls 344 pts amid profit-taking, foreign fund outflows
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Mumbai (PTI): Benchmark indices Sensex and Nifty declined on Friday amid profit-taking in FMCG and banking shares following a six-day rally and fresh foreign fund outflows.
Snapping its six-day winning streak, the 30-share BSE Sensex dropped by 344.52 points or 0.41 per cent to settle at 84,211.88. During the day, it fell by 599.25 points or 0.70 per cent to 83,957.15.
The 50-share NSE Nifty declined by 96.25 points or 0.37 per cent to 25,795.15 as 34 of its constituents closed lower and 16 with gains.
Profit-taking emerged after a six-day rally, during which key indices soared by around 3 per cent on strong festive demand and foreign fund inflows. Both Sensex and Nifty hit their 52-week highs on Thursday.
Sentiment was further dampened after Commerce and Industry Minister Piyush Goyal on Friday said India does not do trade agreements in a hurry or with a "gun to our head".
Among Sensex firms, Hindustan Unilever dropped the most by 3.20 per cent. UltraTech Cement, Kotak Mahindra Bank, Adani Ports, Titan, HDFC Bank and Axis Bank were also among the laggards.
However, Bharti Airtel, ICICI Bank, Bharat Electronics and Sun Pharma were among the gainers.
"We are in active dialogue with the EU. We are talking to the US, but we do not do deals in a hurry and we do not do deals with deadlines or with a gun to our head," Goyal said at Berlin Dialogue in Germany. The minister is in Berlin to participate in the dialogue.
"Equity markets ended the week on a subdued note after Commerce Minister Piyush Goyal’s remarks that India will not rush into trade agreements with restrictive conditions dampened hopes of an early India–US trade deal, leading to profit-booking across sectors following a strong rally earlier in the week," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled higher.
Markets in Europe were trading on a mixed note. US markets ended in positive territory on Thursday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,165.94 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, were net buyers, purchasing equities worth Rs 3,893.73 crore on a net basis in the previous trade.
"Nifty ended lower by 96 points to close at 25,795, snapping a 6-day run-up. Markets were pressured by US sanctions on Russian oil companies and profit-taking by investors," Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
Global oil benchmark Brent crude dipped 0.24 per cent to USD 65.83 a barrel.
Rising for the sixth straight session on Thursday, the Sensex climbed 130.06 points or 0.15 per cent to settle at 84,556.40. The Nifty ended 22.80 points or 0.09 per cent higher at 25,891.40.
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345 Indian fishermen stranded in Iran return home via Armenia
New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.
External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.
The Indian nationals arrived in Chennai this evening, the officials cited above said.
The circumstances that led to them being stranded in Iran were not immediately known.
"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.
Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.
"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.
It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.
It also made a mention of five Indians being injured in Abu Dhabi on Friday.
According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.
"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.
It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.
