Market extends losses, closes in red for second consecutive day

Indian stock markets ended the Friday trading session in negative on the second consecutive day. The Nifty close below 18600 falling 71 points and Sensex ends 223 pts lower at 62625.

The decline in high-weightage IT stocks arises amid the increased likelihood of a rate pause by the U.S. Federal Reserve. The mixed performance led to overall stability in the market, with investors closely monitoring the developments.

In the market, seven out of the 13 major sectoral indexes made gains. The realty sector witnessed a 1% increase following a significant decline in the previous session. Conversely, the IT sector experienced a 0.7% fall. These contrasting movements in the sectors contributed to the overall market dynamics during the session.

On the Nifty, the top losers during the session were Hero MotoCorp, Divis Laboratories, Tata Steel, HDFC Life, and Eicher Motors. Conversely, the top gainers included IndusInd Bank, Axis Bank, L&T, Adani Enterprises, and Power Grid Corporation.

During the session, approximately 1,705 shares advanced, indicating an increase in their respective prices. On the other hand, 1,727 shares declined, representing a decrease in their prices. Meanwhile, 107 shares remained unchanged.