Equity benchmark indices Sensex and Nifty ended lower on Friday, snapping a three-day rally, as heavy selling in metal, IT and commodity stocks weighed on sentiment ahead of the Union Budget for 2026-27.
The 30-share BSE Sensex declined 296.59 points, or 0.36 per cent, to close at 82,269.78. During the session, the index slipped as much as 625 points to hit an intraday low of 81,941.03 amid broad-based selling pressure. The NSE Nifty fell 98.25 points, or 0.39 per cent, to settle at 25,320.65 after a volatile session.
Markets turned cautious as investors booked profits at higher levels before the Budget, while persistent weakness in the rupee and continued foreign fund outflows added to the pressure. Selling was pronounced in metal and IT stocks, reflecting concerns over global growth, higher US bond yields and uncertainty surrounding commodity demand.
On the Sensex, Tata Steel was the biggest laggard, plunging over 4.5 per cent. Other major losers included ICICI Bank, Power Grid, HCL Technologies, Tech Mahindra, Infosys and Kotak Mahindra Bank. However, buying in select blue-chip stocks such as Mahindra & Mahindra, State Bank of India, ITC and Bharat Electronics helped limit deeper losses.
Also read: Sensex tanks 500 points in volatile trade amid gold, silver rally
Sectorally, metal stocks were the worst hit, with the index tanking more than 5 per cent. Commodities, oil and gas, energy, IT and private banks also ended in the red. In contrast, defensive and consumption-focused sectors showed resilience. Telecom stocks surged over 2 per cent, while FMCG, healthcare, capital goods, consumer durables and discretionary stocks posted modest gains.
Market participants remained guarded as geopolitical tensions, global tariff risks and expectations from the Union Budget kept sentiment fragile. Investors are closely watching fiscal consolidation signals, growth-support measures and potential incentives for key sectors.
Asian markets closed mixed, with gains in South Korea offset by losses in Japan, China and Hong Kong. European markets were trading higher in afternoon deals, while US markets ended mostly lower overnight.
Foreign institutional investors sold equities worth nearly Rs 394 crore, reversing gains after a brief pause, while domestic institutional investors provided support by buying shares worth over Rs 2,600 crore.
Brent crude oil slipped below USD 71 a barrel, easing inflationary concerns marginally, but currency weakness continued to cap risk appetite.
Indian stock markets will hold a special trading session on Sunday to coincide with the presentation of the Union Budget, which is expected to set the tone for markets in the coming weeks.
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