Equity indices nursed losses on Friday after a three-session rising streak as selling in banking, finance and power stocks offset continued outperformance by the IT pack.
Unabated selling by foreign investors and a muted trend overseas also weighed on bourses, traders said. After a choppy session, the 30-share BSE Sensex ended 190.97 points or 0.33 per cent lower at 57,124.31. Similarly, the NSE Nifty declined 68.85 points or 0.40 per cent to 17,003.75. NTPC was the top loser in the Sensex pack, shedding 2.69 per cent, followed by PowerGrid, M&M, Axis Bank, Kotak Bank, UltraTech Cement and Dr Reddy's. On the other hand, HCL Tech, Tech Mahindra, Asian Paints, Wipro, Infosys and Reliance Industries were among the gainers, surging up to 3.08 per cent.
"Weighed by muted global markets and continued FII selling, domestic indices erased mid-day gains to slip into red, led by selling pressure in index heavyweights.
"The markets remain highly volatile amid rising Omicron cases, higher monetary policies and inflationary woes. While pharma, realty and energy stocks dragged the indices lower, IT stocks traded firm in the weak market," said Vinod Nair, Head of Research at Geojit Financial Services.