Analysts awaited key macroeconomic data due later in the day
Domestic stock markets fell nearly 1 per cent on Friday receding from four-month peaks registered the previous day, after Tata Consultancy Services kicked off the corporate earnings season by reporting a profit that fell short of Street estimates. The S&P BSE Sensex index fell as much as 0.92 per cent - or 336.58 points - to 36,401.11 during the session. The broader NSE Nifty 50 benchmark dropped to as low as 10,713.00, down 0.93 per cent from its previous close of 10,813.45.
At 3:21 pm, the Sensex traded 151.08 points - or 0.41 per cent - lower at 36,586.61, while the Nifty was down 35.80 points - or 0.33 per cent - at 10,777.65, as losses in banking and financial services stocks pulled the markets lower, but gains in energy, pharmaceutical and consumer goods stocks arrested the fall.
Axis Bank, IndusInd Bank, GAIL, ICICI Bank and HDFC, trading between 2.87 per cent and 3.15 per cent lower, were the top percentage losers in the 50-scrip Nifty basket. On the other hand, Reliance Industries, Sun pharma, Hindustan Unilever, Britannia and Bharti Airtel, up beetween 1.03 per cent and 3.15 per cent, were the top Nifty gainers.
Market breadth favoured losses, as 1,003 stocks on the BSE traded lower against 1,663 that moved in the opposite direction.
Tata Consultancy Services (TCS) shares fluctuated between gains and losses, a day after the country's largest IT company reported a net profit of Rs 7,008 crore in the June quarter, missing analysts' estimates. TCS shares were stuck in a range of Rs 2,222-2,178.20 apiece on the BSE as against their previous close of 2,204.35.
Shares in Punjab National Bank (PNB) dropped as much as 6.74 per cent to Rs 34.60 apiece on the bourse, from their previous close of Rs 37.10, a day after the state-run lender reported loans made to Dewan Housing Finance Corporation worth Rs 3689 crore as fraud.
Equities in other Asian markets fell as record-breaking new COVID-19 cases in several US states dashed hopes of a revival of global economy from the damage caused due to the coronavirus pandemic.
MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 1.07 per cent lower while Japan's Nikkei 225 benchmark declined 1.06 per cent.
China's Shanghai Composite, Hong Kong's Hang Seng and South Korea's KOSPI indices were down 1.95 per cent, 1.84 per cent and 0.81 per cent respectively.
The E-Mini S&P 500 futures were down 0.46 per cent at the time, indicating a negative start for US markets on Friday.
European stock markets started Friday's session with mild gains, with the United Kingdom's FTSE benchmark last seen trading 0.40 per cent higher. France's CAC and Germany's DAX indices were up 0.33 per cent and 0.39 per cent at the time.
