Indian markets settled on negative note on Friday on heavy capital outflows and weak global cues. Consumer durables, oil & gas and capital goods stocks witnessed a fall.
At the close, the benchmark 30-share index, BSE Sensex declined 414.13 points or 1.60% at 25,480.84 with 25 components registering drop. Meanwhile, the broad based NSE Nifty fell by 118.15 points or 1.53% at 7,603.15 with 42 components posting drop.
Major losers were Hindalco (3.71%), Gail India (3.07%), Tata Power (3.06%) and Cipla (3.02%).
Dipen Shah, head- private client group research, Kotak Securities said, ``Markets sold off in the second half of the day to close 1.5% lower. Weak global markets and continuing geo-political tensions rode over the positive core sector growth data released in India yesterday.
For the week, benchmark indices lost about 2.5% and have ended at a near two-week low. Lower inflation in EU, expectations of earlier-than-expected rise in US interest rates, default by Argentina and some lower-than-expected quarterly results in India soured sentiments.
In the short term, quarterly results, geo-political factors and the progress of monsoons will take most of the attention of the market.``
The BSE Mid and small caps outperformed their larger counterparts declining-0.80% and -0.99% respectively.
The Consumer Durables index was at 8,277.06, down by 279.81 points or by 3.27%. The major losers were Whirlpool Of India (3.28%), Bajaj Electricals (3.26%), Rajesh Exports (2.76%), Gitanjali Gems (2.4%) and Blue Star (0.29%).
The Oil & Gas index was at 10,517.71, down by 232.12 points or by 2.16%. The major losers were G A I L (India) (3.07%), Castrol India (1.08%), Cairn India (0.97%), Bharat Petroleum Corporation (0.64%) and Indian Oil Corporation (0.54%).
The Capital Goods index was at 14,373.36, down by 278.27 points or by 1.9%. The major losers were BEML (2.42%), Bharat Heavy Electricals (1.82%), Alstom India (1.39%), A B B India (0.86%) and A I A Engineering (0.1%).
