Sensex drops 110 points; RIL, IT stocks weigh

Mumbai: Equity benchmark Sensex ended 110 points lower after a choppy session on Friday, dragged by losses in index majors Reliance Industries, Infosys and TCS despite a positive trend in global markets.

The 30-share BSE index closed 110.02 points or 0.25 per cent lower at 44,149.72.

The broader NSE Nifty slipped 18.05 points or 0.14 per cent to 12,968.95.

PowerGrid was the top laggard in the Sensex pack, shedding over 2 per cent, followed by HCL Tech, ONGC, M&M, Axis Bank, TCS, Reliance Industries and Infosys.

On the other hand, Asian Paints, Titan, Tata Steel, Bajaj Finance and Bajaj Auto were among the gainers.

Domestic market swung between gains and losses in a narrow range. While most of Asian markets recovered in green after witnessing tepid opening, Indian broader indices remained choppy throughout the day, said Binod Modi, Head- Strategy at Reliance Securities.

“However, strong buying remained visible in midcap and small cap stocks as investors find midcaps more attractive now due to wider valuations gap compared to large caps,” he added.

As current valuations look to be reasonably stretched and street is factoring a robust earnings growth, sustainability of rebound in key economic indicators will be crucial for the market in the near term, he said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were largely trading with gains in early deals.

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Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.67 per cent higher at USD 48.11 per barrel.