Benchmarks fall for 6th session; Sensex dives 588 pts

The domestic equity market continued its downward journey for the sixth session in row on Friday, with the BSE Sensex plummeting over 588 points and the NSE Nifty tumbling nearly 183 points due to across-the-board selling.

Both benchmark indices fluctuated between gains and losses in a highly volatile session.

Meanwhile, Finance Minister Nirmala Sitharaman tabled the Economic Survey 2020-21 in the Lok Sabha, ahead of the Union Budget to be presented on Monday next.

The 30-share Sensex closed 588.59 points or 1.26 per cent lower at 46,285.77 -- taking the six-session aggregate loss to 3,506.35 points or 7.04 per cent. Intra-day, the index swung 1,263.20 points.

Likewise, the NSE Nifty furthered its loss by 182.95 points or 1.32 per cent to settle at 13,634.60. Over the last six days, the NSE barometer has shed 1,010.10 points or 6.89 per cent

On the Sensex chart, 26 shares closed in the red.

Dr Reddy’s, Maruti, Bharti Airtel, Bajaj Auto, Infosys, TCS and Bajaj FinServ were the major losers.

On the other hand, IndusInd Bank, Sun Pharma, ICICI Bank and HDFC Bank ended with gains.

Analysts are of the view that the continued pullback in domestic markets was mainly led by profit-booking ahead of the Union Budget and important global events.

Foreign portfolio investors (FPIs) offloaded shares worth a net Rs 3,712.51 crore on Thursday, according to exchange data.

Elsewhere in Asia on Friday, stocks markets closed lower and also saw their worst weekly losses in months.

On the forex market front, the rupee ended 9 paise higher at 72.96 against the US dollar on Friday.

The global oil benchmark Brent crude futures rose 0.66 per cent to USD 55.42 per barrel.