Market halts 6-session gaining streak; Sensex falls 344 pts, Nifty ends at 25,795

Indian equities took a breather on Friday, ending their six-session winning run as investors booked profits possibly due to lack of fresh triggers. The benchmark BSE Sensex slipped 344 points, or 0.41%, to close at 84,211.88, while the NSE Nifty50 settled 96 points lower at 25,795.15.

Selling pressure in heavyweight banks and FMCG counters dragged the indices lower. HDFC Bank , Kotak Mahindra Bank , Axis Bank , and Hindustan Unilever were among the top laggards, losing between 1.3–3.2%. Cement major UltraTech and Adani Ports also declined nearly 2%.

On the flip side, telecom and pharma stocks lent some support to the benchmarks. Bharti Airtel rose 0.95%, while ICICI Bank and BEL gained around 1% each. S un Pharma , ITC , and Reliance Industries also managed to settle in positive terrain with modest gains.

The broader market mirrored the cautious tone, with the Nifty Midcap 100 falling 0.24%, and the Nifty Smallcap 100 index sliding 0.21%.

Market breadth remained negative, with 1,865 stocks advancing and 2,308 declining out of a total of 4,342 shares traded on the BSE. As many as 165 stocks ended unchanged.

Analysts attributed the pause to profit-taking and global uncertainties ahead of key U.S. economic data releases. “Sentiment was further dampened after India’s Trade Minister reiterated that the country would not rush into trade agreements under restrictive conditions, weighing on investor confidence,” Ashika Institutional Equities said in a note.

Sectorally, the Nifty FMCG index fell the most, down 0.75%, followed by PSU Bank, which slipped 0.74%. On the other hand, the Nifty Metal index gained over 1%, followed by the Nifty Oil & Gas, which ended marginally higher after falling over 3% in the previous session.

The recent rise in crude prices has spurred continuation of profit booking in India, said Vinod Nair, Head of Research, Geojit Investments.  “Additionally, investor sentiment took a hit after the HSBC Composite PMI for October dropped to its lowest level since May, primarily due to a slowdown in the services sector.”

On a brighter note, the manufacturing PMI indicated some improvement, with companies experiencing a modest uptick in new orders and easing input cost pressures in October, attributed to the recent GST relief. However, the current subdued trend is likely to persist in the short term until there is more clarity on the impact of the US sanctions on Russia and the overall availability of crude in the market, he added.

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