Nifty and sensex ended for second week, IT stocks got rebounded
The NSE Nifty 50 index declined 0.05 percent to 17,101 points, while the S&P BSE Sensex slid 0.1 percent to 57,200 points. The indices were down roughly 3% for the week.
The advances in information technology and energy sectors were countered by weakness in banking and auto companies on Friday, but benchmark indices ended the week down for the second week in a row.
The NSE Nifty 50 index declined 0.05 percent to 17,101, while the S&P BSE Sensex dropped 0.1 percent to 57,200. The indices were down roughly 3% for the week.
The Nifty 50 index has dropped almost 8% after setting a new high in mid-October, owing to an increase in Omicron Covid-19 variant instances and concerns about global interest rate hikes.
"The continuous foreign institutional investor outflows is something that is keeping participants on the edge and weighing on the (market) sentiment," said Ajit Mishra, Vice President- Research, Religare Broking Ltd.
"The earnings are very balanced in domestic market, with most of the companies performing well. But, with the US Federal Reserve seeing rate hikes in March, the FII selling is intensifying in domestic market," he said.
After losing almost 14 percent in eight straight days, the Nifty IT index rebounded 1.2 percent.
The Nifty 50 index's highest gainer was NTPC Ltd, which rose 3.8 percent, while the top drag was Maruti Suzuki, which fell 3.1 percent.
After announcing good December-quarter profits on Thursday, shares of Coforge Ltd, LIC HFL, and Route Mobile rose 7.1 percent, 11%, and 8%, respectively.
After reporting a decreased quarterly profit, Mahindra Logistics' stock dropped 11%. Meanwhile, Europe's main stock exchanges sank further on Friday, as fears of a rapid end to central bank stimulus and escalating tensions between Western powers and Moscow pushed global markets to one of their worst starts to a year in history.