![Asla – Watan Sahi [Official MV] Latest Punjabi Song – K Million Music](https://i.ytimg.com/vi/sCuLojys0n4/maxresdefault.jpg "Asla – Watan Sahi [Official MV] Latest Punjabi Song – K Million Music")
Snapping the two-day rally, benchmark indices Sensex and Nifty closed lower on Friday mainly due to weak global trends and fading hopes of a rate cut by the US Federal Reserve in December.
Photograph: Francis Mascarenhas/Reuters
The 30-share BSE Sensex declined 400.76 points or 0.47 per cent to settle at 85,231.92.
During the day, it tanked 444.84 points or 0.51 per cent to 85,187.84.
The 50-share NSE Nifty dropped 124 points or 0.47 per cent to 26,068.15.
The index had rallied over 1 per cent or 282 points to trade above 26,000 in the previous two sessions.
Among Sensex firms, Tata Steel, HCL Tech, Bajaj Finance, Bajaj Finserv, Bharat Electronics and Eternal were the major laggards.
However, Maruti, Mahindra & Mahindra, Tata Motors Passenger Vehicles and ITC were among the gainers.
Analysts said better-than-expected US non-farm payroll data dampened expectations of a December rate cut by the US Federal Reserve.
Worries about a bubble in AI-related shares also dampened investor sentiment across global markets.
Asian markets ended sharply lower. South Korea’s Kospi tanked 3.79 per cent, Shanghai’s SSE Composite Index lost 2.45 per cent, Japan’s Nikkei 225 index dropped 2.40 per cent Hong Kong’s Hang Seng Index fell by 2.38 per cent.
“Indian markets turned volatile and settled lower, reflecting the broader decline seen across Asian equities after better-than-expected US non-farm payroll data dampened the expectation of a December rate cut.
“Profit-booking after a brief two-day uptrend added to the cautious tone, pulling all key indices into the red, with mid and smallcaps facing sharper corrections,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 283.65 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 824.46 crore.
Brent crude, the global oil benchmark, dropped 1.51 per cent to $62.42 per barrel.
