Domestic equity benchmarks BSE Sensex and NSE Nifty snapped their two-week winning run, declining for the third consecutive session on Friday, dragged by selling pressure in IT heavyweights amid rising crude oil prices and uncertainty over the US-Iran conflict.

At close, the Sensex declined 999.79 points, or 1.29 per cent, to settle at 76,664.21, while the Nifty dropped 275.10 points, or 1.14 per cent, to settle at 23,897.95.

Top gainers & losers

Among Sensex constituents, Infosys emerged as the top loser, falling 7.09% to Rs 1154.45. HCL Technologies followed with a 5.83% decline, while Tata Consultancy Services (TCS), Tech Mahindra, Sun Pharma, and Asian Paints slipped 4.77%, 4.04%, 3.65% and 1.77%, respectively.   

“Sentiment was further dented by global rating agencies downgrading India on inflation and macro concerns, along with the RBI flagging early signs of slowing growth. While valuations have corrected, investors are expected to closely monitor the ongoing results for any potential earnings downgrade, given the wobbling geopolitical uncertainties," said Vinod Nair, Head of Research, Geojit Investments Limited.

While Trent, State Bank of India (SBI) and Bajaj Finance were among the gainers on the 30-pack index, which rose up to 0.73%. 

Five stocks, namely Infosys, ICICI Bank, TCS, Reliance Industries and HCL Technologies, contributed largely to the Sensex’s decline.  

Among sectoral indices, the BSE IT index plunged 5.04% to settle at 27,675.69, while the BSE Healthcare index declined 1.41% to close at 43,591.06.  

“While developments such as the extension of the Lebanon–Israel ceasefire and ongoing US–Iran engagement offer some constructive signals, the persistent blockade and risk of further escalation continue to weigh heavily on sentiment,” said Ponmudi R, CEO of Enrich Money.

“Domestically, a sharp decline in the IT sector, rupee weakness beyond the 94 mark, and sustained FII outflows add further pressure to an already strained market environment,” said Ponmudi.