Domestic equity benchmarks BSE Sensex and NSE Nifty ended lower on Friday, snapping a two-session winning streak, as selling pressure in metal and oil & gas counters weighed on sentiment. Investor mood remained cautious amid a weakening rupee, which slipped past the Rs 96-per-dollar mark, rising crude oil prices, inflation worries, and lingering geopolitical uncertainty.

At close, the Sensex declined 160.73 points, or 0.21 per cent, to close at 75,237.99, while the Nifty slipped 46.10 points, or 0.19 per cent, to settle at 23,643.50.

Top gainers & losers

Among Sensex constituents, Tata Steel emerged as the top loser, falling 1.97% to Rs 216.80. Eternal followed with a 1.93% drop, while Reliance Industries, Ultratech Cement, State Bank of India (SBI) and Mahindra & Mahindra (M&M) fell 1.87%, 1.83%, 1.69% and 1.56%, respectively.  

While IT stocks such as Infosys, Tech Mahindra and Power Grid were among the gainers on the 30-pack index, they gained up to 2.08%.

The Indian rupee touching a new record low around Rs 96.06 against the US dollar reflects rising global uncertainty and sustained demand for the dollar, said Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.

“Higher crude oil prices are increasing India’s import costs, while strong US interest rates and foreign fund outflows are putting additional pressure on emerging market currencies, including the rupee,” Gour said.

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Five stocks, namely Reliance Industries, State Bank of India (SBI), M&M, Larsen & Toubro, and Tata steel contributed largely to the Sensex’s fall.  

Among sectoral indices, the BSE Metal index declined 1.98% to close at 43,385.85, while the BSE Oil & Gas index slipped 1.79% to settle at 26,833.85.

Investors have turned cautious following the recent relief rally, with rising bond yields, a weaker rupee, and new fuel price hikes reigniting inflation fears, said Vinod Nair, Head of Research, Geojit Investments Ltd.
“Favourable valuations and a solid Q4 earnings print are cushioning the downside. Focus has shifted to potential fiscal and monetary measures to defend the rupee and stabilise the Balance of Payment,” Nair added.