Indian equities took a breather on Friday. The Sensex slipped 388 points to close at 82,626, while the Nifty ended 97 points lower at 25,327, snapping a three-day rally fueled by Fed rate cut hopes and upbeat trade talks with Washington.
Financial stocks lost steam, falling 0.6% after a record 12-session winning streak, while IT stocks dipped 0.5% after recent gains.
In stock-specific action, Adani Group shares jumped up to 12% after SEBI dismissed two Hindenburg allegations. Vodafone Idea also surged over 7% on the government’s supportive stance in its AGR dues case before the Supreme Court.
Broader markets outperformed, with small-caps rising nearly 3% and mid-caps up 1.5%. For the week, Sensex and Nifty still managed gains of 0.9%.
Globally, European equities inched higher, Asia was mixed, and gold extended its winning streak to a fifth week. Crude, meanwhile, slipped. Brent settled around $67 a barrel.
And on the currency front, the rupee closed flat at 88.09 against the U.S. dollar, but still gained 0.2% for the week after a volatile ride.
That’s all for now on ET Market Watch. This is Neha Vashishth, signing off. Stay tuned for more updates on the markets, economy, and investments.