Benchmark stock market indices closed lower on Friday as investor sentiment turned cautious a day before the Budget presentation in parliament. Metal and IT were the major laggards.
The S&P BSE Sensex closed 296.59 points lower at 82,269.78, while the NSE Nifty50 lost 98.25 points to end at 25,320.65.
Vinod Nair, Head of Research, Geojit Investments Limited, said that markets remained volatile ahead of the Union Budget, with benchmark indices dragged lower by weakness in IT and metal stocks.
“The IT sector lagged due to global growth concerns and higher U.S. bond yields, while gold and silver declined amid a stronger dollar. Persistent FII selling and continued rupee depreciation kept market sentiment cautious. With geopolitical risks and global tariff pressures rising, the Union Budget is keenly awaited for cues on growth support and fiscal discipline,” he added.
After the closing bell, Mahindra and Mahindra Ltd topped the Sensex gainers, rising 1.38%. It was followed by State Bank of India Ltd, which gained 1.23%. ITC Ltd moved up 1.11%, while Bharat Electronics Ltd rose 1.01%. Hindustan Unilever Ltd also ended higher, adding 0.94%.
Tata Steel Ltd saw the biggest fall, dropping 4.57%. ICICI Bank Ltd declined 2.10%, Power Grid Corporation of India Ltd was down 1.61%, HCL Technologies Ltd fell 1.55%, and Tech Mahindra Ltd ended lower by 1.29%.
“Globally, although a deal to avert the latest U.S. government shutdown provided temporary relief, markets remain watchful ahead of the appointment of a new Fed Chair, as a more hawkish stance could tighten liquidity and weigh on emerging markets,” said Nair.
