Sensex six-day winning run ends, drops by 210 points; Nifty down by 34

Equity benchmark Sensex on Friday fell for the first time in seven days, while the Nifty50 index notched up its first loss in five days. However, both indices managed to log new record highs on an intraday basis.

After climbing to 79,672, the Sensex finished 210 points, or 0.3 per cent, lower at 79,033. The Nifty closed at 24,011, down 34 points, or 0.14 per cent, as gains in Reliance Industries (RIL) were offset by losses in banking. RIL shares rose 2.3 per cent, while IndusInd Bank and Axis Bank fell over 2 per cent each.

During the week, the Sensex rose 2.4 per cent, while the Nifty gained 2.2 per cent. The oil-to-telecom conglomerate RIL gained 7.6 per cent, its best weekly gains in two years, buoyed by hikes in mobile tariffs.

 

The Nifty Private Bank index rose 1.02 per cent during the week. “We expect the positive momentum to continue steadily with stock-specific action. The release of economic data next week would add a little volatility," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.