Global uncertainty hits mkt sentiment

Mumbai: Equity benchmark indices Sensex and Nifty nursed losses for the third consecutive session on Friday, in lockstep with a weak trend in global equities as concerns over economic growth and quarterly earnings sapped risk appetite. Surging crude oil prices and a strengthening dollar index also hit investor sentiment. In a volatile trade, the 30-share BSE benchmark Sensex declined 241.30 points or 0.31 per cent to settle at 77,378.91. During the day, the benchmark gyrated 820.15 points between the intraday high of 77,919.70 and a low of 77,099.55.

As many as 3,167 stocks declined, 827 advanced and 84 remained unchanged on the BSE. The NSE Nifty dropped 95 points or 0.40 per cent to 23,431.50. On the weekly front, the BSE benchmark slumped 1,844.2 points or 2.32 per cent, and the Nifty dropped 573.25 points or 2.38 per cent. “Domestic market sentiment remained subdued due to rising crude oil prices, driven by supply concerns, and a strengthening dollar index. Despite the IT sector’s resilience following positive early Q3 results, broader indices bled due to uncertainties surrounding Trump policies and high valuations. Consolidation may persist in the near term, yet investors are closely watching the US non-farm payroll data today for further guidance,” Vinod Nair, head (research), Geojit Financial Services. The BSE smallcap gauge dropped 2.40 per cent, and the midcap index declined 2.13 per cent. “With expensive valuations of Indian markets at large still a concern, investors would mostly resort to stock-specific activities,” Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.