Benchmark indices ended Friday’s session in the red, snapping a six-day winning streak, as concerns over trade policy developments and profit booking at higher levels weighed on investor sentiment. The Sensex fell 344.52 points or 0.41 per cent to close at 84,211.88, while the Nifty 50 settled at 25,795.15, down 96.25 points or 0.37 per cent.
The market decline came after Commerce Minister Piyush Goyal reiterated that India would not rush into trade agreements under restrictive conditions, dampening hopes of an early India-U.S. trade deal. “Equity markets ended the week on a subdued note after Commerce Minister Piyush Goyal’s remarks that India will not rush into trade agreements with restrictive conditions dampened hopes of an early India–US trade deal, leading to profit-booking across sectors,” said Ponmudi R, CEO of Enrich Money.
Sectoral performance was mixed, with Nifty Metal emerging as the top gainer, rising 1.03 per cent, while Nifty Healthcare and Nifty Private Banks were the worst performers. “Nifty Metal gained 0.9 per cent, tracking a rally in global metal prices after the White House confirmed a meeting between the US and Chinese Presidents on October 30,” noted Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services.
Among individual stocks, Hindalco led the gainers, surging 4.11 per cent to close at ₹825.00 from ₹792.40. ICICI Bank rose 1.05 per cent to ₹1,378.00, while Bharti Airtel gained 1.00 per cent to ₹2,028.00. Shriram Finance advanced 0.97 per cent to ₹716.50, and ONGC climbed 0.94 per cent to ₹254.68.
On the downside, Cipla was the top loser, declining 3.68 per cent to ₹1,584.60 from ₹1,645.10. Hindustan Unilever fell 3.33 per cent to ₹2,515.00, while Max Healthcare dropped 2.25 per cent to ₹1,183.70. UltraTech Cement shed 1.93 per cent to ₹11,910.00, and Adani Ports declined 1.82 per cent to ₹1,426.70.
The broader markets reflected consolidation, with Nifty Midcap 100 falling 0.24 per cent and Nifty Smallcap 100 declining 0.21 per cent. Market breadth turned negative with 2,416 stocks declining against 1,771 advances on BSE.
Foreign Institutional Investors turned net sellers after five consecutive days of buying, pulling out ₹1,166 crore on Thursday, while Domestic Institutional Investors provided support with net inflows of ₹3,893 crore.
In the currency market, the rupee traded with modest gains of 0.07 paise at 87.74. “A steady dollar index and correction in bullion prices provided additional relief, easing import pressure,” said Jateen Trivedi, VP Research Analyst at LKP Securities.
Gold prices remained under pressure with profit booking from overbought levels. “Prices have corrected over 3.40 per cent this week, currently hovering near ₹1,22,000, as traders await key US CPI data,” Trivedi added.
Looking ahead, market participants will focus on Kotak Mahindra Bank’s quarterly results to be announced over the weekend and US retail inflation data. “Overall, we expect Indian equities to remain range bound, tracking global cues, upcoming Q2 results and macro-economic data,” Khemka said.