NEW DELHI: Equity indices plunged on Friday with the benchmark BSE sensex falling nearly 750 points, dragged by bank and metal stocks.
The 30-share BSE index fell 746 points or 1.50 per cent to close at 48,879; while the broader NSE Nifty settled 218 points or 1.50 per cent lower at 14,372.
Axis Bank, Asian Paints, SBI, IndusInd Bank, ICICI Bank and Bajaj Finance were the top losers in the sensex pack falling up to 4.63 per cent.
While Bajaj Auto, HUL, Ultra Cemco, TCS, Bajaj Finserv and Infosys were the only gainers in the sensex pack rising as much as 10.45 per cent.
On the NSE platform, except Nifty Auto and IT, all sub-indices finished in red dragged by Nifty Metal, Bank and Private Bank.
“Once you hit all-time highs there will be profit bookings. But, liquidity is pretty strong and is not going to stop all of a sudden. That is a huge support for the market,” Mayuresh Joshi, head of equity research at William O’Neil & Co in India told news agency Reuters.
“Auto has seen significant traction in the last few days. Sectors like auto correspond in terms of how the economy will shape up… There are expectations in terms of demand normalizing to pre-Covid levels and balance sheet strength with inherent demand coming back,” Joshi added.
Meanwhile, foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 1,614.66 crore on Thursday, according to exchange data.
(With inputs from agencies)