Sensex and Nifty Edge less dragged down by bank stock losses

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Indian stock indices fell slightly in trading on Friday, dragged down by losses in heavyweight stocks like HDFC Bank, ICICI Bank, Reliance Industries, Kotak Mahindra Bank and Larsen & Toubro. The Sensex fell 246 points and the Nifty 50 Index fell near its psychologically important level of 14,800.

At 9:24 a.m., the Sensex lost 207 points to 49,538 and Nifty dropped 60 points to 14,813.

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Eight of the 11 sector gauges compiled by the National Stock Exchange were trading higher, driven by the gain of more than 1% in the Nifty FMCG index. The gauges for the Nifty PSU Bank, Pharma, Metal and Realty sectors were also trading with a positive bias.

On the other hand, the Nifty Bank, Private Bank and Financial Services indices fell by around 1 percent each.

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Mid- and small-cap stocks attracted buying interest, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising around 0.4%.

Bajaj Finance was Nifty’s best loser, the stock fell 1.73 percent to Rs 4,942. Larsen & Toubro, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, Asian Paints, HDFC Bank, Axis Bank, Indian Oil , Divi’s Labs, SBI Life and Bharat Petroleum also fell from 0.75 to 1.2%.

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On the other hand, Tata Motors, Hindustan Unilever, Adani Ports, Sun Pharma, ITC, Grasim Industries, Power Grid, ONGC and JSW Steel were among the winners.

The overall scale of the market was positive as 1,321 stocks rose while 719 fell due to BSE.

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