Sensex, Nifty50 snap 8-day winning streak amid weak global cues – autos, financial services drag

• Sensex and Nifty50 snapped their 8-day winning streak due to mixed global cues, with the autos and financial services indices declining the most.
• While Sensex posted a 0.66% decline to close at 62,869, Nifty50 fell 0.62% to close at 18,696.
• In the Sensex pack, Mahindra & Mahindra, Hindustan Unilever, Maruti, Nestle, HDFC, Asian Paints, Bajaj Finance and Power Grid were among the major laggards.

India’s benchmark indices Sensex and Nifty50 snapped their eight-day winning streak on Friday, and took a breather amid weak global cues. Auto stocks declined the most, led by Eicher Motors and Mahindra & Mahindra.

While Sensex posted a 0.66% decline to close at 62,869, Nifty50 fell 0.62% to close at 18,696.

While the autos index declined 1.1%, the financial services index declined 0.62% on Friday.

In the Sensex pack, Mahindra & Mahindra, Hindustan Unilever, Maruti, Nestle, HDFC, Asian Paints, Bajaj Finance and Power Grid were among the major laggards.

Tata Steel, Dr Reddy's, Tech Mahindra, IndusInd Bank and HCL Technologies were among the winners.

“As the market was in an overbought zone after the recent upsurge, correction was due for some time and hence investors booked profit in a trading session marked by weak Asian and European cues. The recent GDP numbers and GST collections came in line with expectations, but global news flow will continue to dictate the market trend going ahead,” said Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory.

Equity exchanges in Europe were trading mostly lower in the afternoon trade. Wall Street had ended lower on Thursday.

"The rally in the domestic market was halted by negative cues from global counterparts and broad-based profit-booking in large caps. The correction in the market was led by auto stocks as the sales data came in lower-than-expected due to weaker exports and sequential de-stocking," Vinod Nair, head of research at Geojit Financial Services.

Sensex had climbed 184.54 points or 0.29% to settle at 63,284.19, its fresh record closing high, on Thursday. The Nifty advanced 54.15 points or 0.29% to end at 18,812.50, its new record closing high.

International oil benchmark Brent crude was trading 0.13% lower at $86.77 per barrel.

Foreign Institutional Investors (FIIs) offloaded shares worth ₹1,566 crore on Thursday, as per exchange data.

(With inputs from PTI)

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