Top headlines - Sensex snaps 3-day rally, ends 191 pts lower; Nifty holds 17,000
- Data Patterns sees blockbuster debut at 48% premium
- HCL Technologies surges 5% amid block deal buzz
- L&T Finance Holdings dips 7% on divestment of Asset Management business
- Bank of America expects 8.2% GDP growth for India in FY23 with more downside risks
The key benchmark indices snapped their 3-day winning run as traders preferred to book profits following recent gains. The BSE benchmark oscillated 810 points intra-day and ended 191 points lower at 57,124. During the week, the Sensex clocked a marginal gain of 84 points.
The NSE Nifty, meanwhile, moved in a range of 246 points, and finally finished with a loss of 69 points at 17,004.
The index has formed a strong support zone at 16,900. If it manages to hold above this zone, one can expect a positive movement in coming sessions. But if it fails, some profit booking towards 16,800-16,700 levels could take place, said Rohit Singre, senior technical analyst at LKP Securities.
HCL Technologies was the top gainer among the Sensex 30 stocks and ended 3 per cent higher after more than 7 million equity shares changed hands at the counter. Reports suggested that the promoters planned to buy 4.5 million shares of the company from the open market at a 5 per cent premium.
Tech Mahindra was the other major gainer, along with Asian Paints, Wipro, Infosys and ITC.
On the down side, NTPC shed 2.7 per cent and was the top Sensex loser. Mahindra & Mahindra, Kotak Bank, UltraTech Cement, Axis Bank, and Bajaj Finserv were the other prominent losers, all down over one per cent each.
Amid the IPO flurry, one more company debuted in the secondary market with strong gains. Data Patterns made a bumper debut, listing at Rs 864, a 48 per cent premium over its issue price of Rs 585 per share on the BSE. The defence and aerospace electronics solutions provider pared some gains later and closed 29 per cent higher on the exchange.
Further, the BSE Midcap and Smallcap indices ended with losses of 1.2 per cent and 0.6 per cent, respectively.
In the broader market, L&T Finance Holdings tanked 7 per cent intra-day after the company announced divestment of its asset management business.
Among sectoral indices, the BSE Power index slumped 1.8 per cent while the IT index finished 0.7 per cent higher.
Meanwhile, in other news, Bank of America Securities has estimated an 8.2 per cent GDP growth in the next financial year for India, warning that the New Year will be riskier in terms of growth, inflation and the impact of monetary policy normalisation on consumption demand. It believes that the biggest risk to the projection is a derailed consumption demand that has been the main growth driver for several past years.
Also, the winning streak for Indian stocks is seen losing momentum as sentiment is stressed on the prospect of tighter monetary policy and smaller stimulus spending in the coming year. Large FII outflows have also slowed the positive pace of the markets.
Next week, markets will continue to see volatility and whipsaw-like movements as they respond to Omicron-related developments and the monthly expiry. The week may see sectoral rotation, with beaten-down industries gaining traction.
 "Market wrap: Sensex snaps 3-day rally, ends 191 pts lower; Nifty holds 17k")
