Dalal Street continued its downward momentum on Friday as it plunged nearly 1%, with broad-based selling witnessed across sectors.
The S&P BSE Sensex fell nearly 700 points to 82,509.59, while the NSE Nifty50 declined by nearly 200 points to 25,162.25 as of 12:21 pm.
On the one hand, FMCG stocks gained, with HUL leading the rise, jumping 5%, but this was overweighed by the losses experienced in the IT sector.
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Major stocks such as RIL also fell, dragging the markets lower.
IT stocks fell over lower than expected Q1 results from TCS, with the Nifty IT index falling over 1% in the afternoon session.
The top five gainers in the afternoon session were Hindustan Unilever up 4.77%, Sun Pharmaceutical up 0.51%, Axis Bank up 0.48%, and Eternal up 0.32%.
Tata Consultancy Services crashed 2.75%, Mahindra & Mahindra fell 2.43%, Bharti Airtel dropped 2.12%, Bajaj Finserv declined 1.72%, and Reliance was down 1.68%.
The broader market indices were in red as Nifty Midcap100 fell 0.86%, Nifty Smallcap100 dropped 1.00%, and India VIX rose 1.90%. Among the sectoral indices, only a few managed to stay positive with Nifty FMCG up 0.81%, Nifty Pharma rising 0.64%, and Nifty Healthcare gaining 0.08%.
The losing sectors included Nifty Auto down 1.36%, Nifty Financial Services falling 0.49%, Nifty IT declining 1.86%, Nifty Media dropping 1.38%, Nifty Metal down 0.21%, Nifty PSU Bank falling 0.57%, Nifty Private Bank down 0.24%, Nifty Realty declining 0.65%, Nifty Consumer Durables dropping 0.67%, and Nifty Oil & Gas down 1.19%.
The market showed widespread selling pressure across most sectors with IT and auto stocks facing the steepest declines. Only sectors like FMCG and pharma managed to stay in positive territory amid the broad market weakness.
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