Indian equities experienced a downturn on Friday, following a significant uptick the previous session, as market participants adjusted positions due to the weekly expiration of futures and options contracts. Investors faced a strengthening U.S. dollar and rising U.S. Treasury yields, spurred by a report showing a surprising drop in U.S. weekly jobless claims to an eight-month low, raising concerns about sustained high interest rates.
The key indicator, the S&P/BSE Sensex, decreased by 470 points, or 0.6%, settling at 79,473 during early market activity. Concurrently, the broader NSE Nifty index fell by 85 points, equivalent to a 0.4% decline, reaching 24,103. Declines were notable among high-profile stocks such as HDFC Bank, Cipla, Wipro, Tech Mahindra, and Hero MotoCorp, each easing between 1% and 2%.
In contrast, amidst the oil price uptrend extending to nearly a two-month peak, ONGC shares climbed over 3%. Meanwhile, RITES appreciated by around 2% following its success in securing a contract valued at Rs 69.78 crore from SAIL. On a positive note, Avenue Supermarts surged by 13% after reporting a 17% rise in Q3 revenues compared to the previous year.
Conversely, Bharti Airtel dipped approximately 1% following its announcement of a 26% acquisition in AMP Energy Green Three for a sum of Rs 37.89 crore. In the pharmaceutical sector, Wockhardt rose by 5%, buoyed by the approval for its product Miqnaf (nafithromycin). Additionally, IRFC saw a gain of 1.7% as it entered into an agreement with REMC to finance renewable energy initiatives for Indian Railways.
The material has been provided by InstaForex Company -
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