Indian equity benchmarks fell for the fourth consecutive day on Friday led by losses in index heavyweights such as HDFC, ICICI Bank, HDFC Bank, Tata Consultancy Services, Bajaj Finance and Bajaj Finserv. Sensex fell by 575 points to intraday low of 58,551 and Nifty 50 index fell below its crucial psychological level of 17,500. However, there was a partial correction in the markets in the last hour of trading due to buying in Reliance Industries, Mahindra & Mahindra, UltraTech Cement and Sun Pharma.
The Sensex ended 361 points lower at 58,766 and the Nifty 50 index fell 86 points to 17,532.
“Our research suggests that the market may extend its losses due to the global economic recovery and continued inflationary pressures in the United States. If the Sensex can sustain the support level of 58,200, we can expect it to recover. 58,500-59,000 range, said Likita Chepa, Senior Research Analyst, Capitalvia Global Research.
Eight of the 15 sectors compiled by the National Stock Exchange ended lower led by the Nifty Realty index falling nearly 2 per cent. Nifty Bank, Financial Services, Information Technology and Private Bank indices also fell in the range of 0.5-1 per cent.
On the other hand, buying was witnessed in pharma, healthcare, consumer durables and PSU banking stocks.