Snapping three sessions gaining streak, Indian benchmark indices ended lower in choppy trade on Friday amid losses in power and banking stocks such as NTPC, Power Grid, SBI, HDFC, Axis Bank. The market opened higher today amid firm global cues but it soon slipped into negative terrain as investors booked profit after the recent rally. The persistent concerns about the Omicron variant of Covid-19 also weighed on the market sentiment.

Reversing some of previous session’s gain, the BSE Sensex closed 191 points, or 0.33%, lower at 57,124, and the NSE Nifty settled at 17,003, down by 68 points or 0.4%.

In line with the benchmark indices, the broader markets also witnessed a surge in selling activities. The S&P BSE Mid-Cap and the S&P BSE Small-Cap indices dropped 1.15% and 0.6%, respectively.

The overall market breadth on the BSE was negative, with 1,877 stocks falling as against 1,690 shares rising, while 129 remained unchanged.

On the sectoral front, the BSE Power and PSU indices emerged as the worst performers. The BSE Power index ended 2.04% lower, due to decline in sectoral leaders such as BHEL, NTPC, Adani Transmission, and Power Grid Corporation. The PSU index dropped 1.67% with Canara Bank, BEML, CCI, PNB, and Union Bank leading the fall.

On the flip side, the BSE IT and Tech indices were the best performers, supported by gains in HCL Tech, L&T, Tech Mahindra, Vakrangee, D-Link, KPIT Technologies, and Firstsource Solutions.

Top gainers and losers

The top losers of the BSE Sensex pack as NTPC, which ended 2.69% lower. The other top laggards were Power Grid Corporation of India, Mahindra & Mahindra, Axis Bank, and Kotak Mahindra Bank which fell in the range of 1.5-2.5%.

On the gaining side, IT major HCL Technologies topped the chart by rising 3.08%. Some of the other notable gainers on the BSE were Mahindra & Mahindra, Asian Paints, Wipro, and Infosys.

Shares in news

Data Patterns: Shares of defence sector player ended 29% higher on the first day of trade. The stock was listed with a 48% premium against its issue price on the BSE after successfully raising ₹588.22 crore in its IPO. The company's initial public offer (IPO) garnered a strong response from investors as it was subscribed 119.62 times. The company provides electronics solutions to the defence and aerospace sectors.

L&T Finance Holdings: Shares of the country’s leading NBFC company dropped 6.9% amid a surge in volume trade after it announced divestment of its asset management business. The company on Thursday inked a deal with HSBC Asset Management India (HSBC AMC) to sell its wholly-owned subsidiary L&T Investment Management (LTIM) for an aggregate amount of $425 million.

HCL Technologies: Shares of IT major ended 2.9% higher amid a spurt in volume trade. As many as 6.3 million equity shares changed hands at the counter on the BSE, compared to two-week average volume of 2.31 lakh shares. The stocks witnessed a surge in buying amid a report that its promoter would buy shares in the company via open market.

Ajanta Pharma: Shares of drug maker gained more than 3% on share buyback plan. The company informed the exchange today that its board will meet on December 28 to consider a share buyback plan.

Radico Khaitan: Shares of Indian liquor company climbed 2.5% amid earnings optimism in wake of strong demand for its products. During the day’s trade, the stock price surged as much as 5% to hit a 52-week high. The shares of breweries company has risen 18% over the last four sessions.

Apollo Micro Systems: Shares of electro-mechanical solutions provider ended 6.8% higher after it won orders worth ₹5.72 crore from DRDO. The company in an exchange filing said it has installed CCTV-based security surveillance and animal monitoring systems at Nehru Zoological park, Hyderabad.

Infosys: Shares of IT major closed 0.3% higher, extending rally for the third session. During the session, the stock touched a 52-week high of ₹1,859.95, while it rallied 52% so far this year.

Global market update

Shares in the Asia-Pacific region closed mixed in thin trade on Friday as most of investors remained sidelined ahead of Christmas holidays. The caution prevailed in the market as investors kept eye on spread of Omicron variant of the coronavirus.

Japan’s Nikkei 225 index ended 0.05% lower, paring opening losses. Thailand’s Set Composite index also dropped 0.26%, while China’s Shanghai Composite settled 0.7% lower.

Meanwhile, the Straits Times Index in Singapore rose 0.13%, while South Korea’s Kospi surged 0.5%. The Taiwan Weighted Index gained 0.08%, while Indonesia’s Jakarta Composite climbed 0.11%.

In line with Asian shares, European markets also started the day on mixed note. The market witnessed lackluster trade as most of market in Germany, Italy and Switzerland were closed on Christmas Eve. Investors remained vigilant about latest developments around the Omicron variant.