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Published: Feb 13, 2023
Updated: Feb 13, 2023

Sensex Falls as Metal and Energy Stocks Drag the Market

The Indian stock market witnessed a decline on Friday, with the benchmark Sensex dropping 123 points due to selling pressure in metal and energy stocks. This decline was further fueled by a bearish trend in global equity markets, rising crude prices, and continued selling by foreign investors.

HCL Technologies , the biggest loser

HCL Tech, the leading software company in India, was the biggest loser on the Sensex chart, with a drop of 2.79%. Other major contributors to the decline included Tata Steel, ICICI Bank, Reliance Industries, ITC, Wipro, Infosys, and M&M.

In contrast, several stocks performed well, including Tata Motors, L&T, Bharti Airtel, HDFC Bank, and SBI, which climbed up to 2.05%. The broader market also saw a mixed trend, with the BSE midcap gauge rising 0.04% and the smallcap index gaining 0.48%.

Asian markets had a mixed performance

In Asia, stock markets in Shanghai and Hong Kong ended with losses, while Tokyo and Seoul settled with gains. The trend was similar in Europe, with equity exchanges trading with losses in the afternoon session. The US markets had also ended significantly lower in the overnight session.

The value of the Indian rupee also slipped 4 paise to close at 82.55 against the US dollar on Friday. Brent crude, the international oil benchmark, was trading 2.32% higher at USD 86.46 per barrel.

FIIs net sellers

According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital markets, offloading shares worth Rs 144.73 crore on Thursday. The market will continue to be monitored closely to understand the impact of these factors on the Indian economy.