Indian markets closed on a negative note on Friday, with the Bombay Stock Exchange Sensex shedding 274 points to end at 27,034.50 and the National Stock Exchange Nifty losing 87.75 points to close at 8,349.35. The fall has been attributed to fears related with United States President-elect Donald Trump’s swearing-in ceremony and third quarter earnings posted by several companies.
Financial and information technology stocks faced selling pressure from investors, with Axis Bank falling over 6.4% after it registered weak third-quarter earnings. The BSE’s Information Technology Index fell by 0.57%, with companies such as Infosys and Tech Mahindra slipping.
The major gainers of the day were Idea Cellular and Bharti Airtel. Brokerages, including Credit Suisse and Macquarie, reduced their earnings estimates for the private lender.
Meanwhile, the rupee closed at 68.16 against the US dollar. Asian markets also fell despite China registering strong economic growth in the fourth quarter. Hong Kong’s Hang Seng slipped 0.6%, while South Korea’s Kopsi fell by 0.2%, AP reported. However, Japan’s Nikkei 225 and the Shanghai Composite gained 0.1% and 0.5%.
Overall global markets were affected by US Federal Reserve Chairperson Janet Yellen’s remarks that allowing the country’s economy to “run markedly and persistently ‘hot’ would be risky and unwise”. Yellen had said the US central bank was on the “prudent” course of gradually raising interest rates.
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