High drama on D-street: From Nifty at a record high, markets end the day nearly 1% lower

It was a dramatic day for the stock markets. The Nifty hit yet another record high after opening with strong gains on the back of positive global cues and led by a massive surge in Bajaj Finance and Bajaj Finserv. However, in a sharp U-turn, markets quickly slipped into the red and continued falling amid selling pressure in heavyweights such as Reliance, HDFC Bank and L&T.

Nifty, Sensex falls

The Nifty plunged 172.35 points to 22,475.85, and the Sensex ended 732.96 points down to close at 73,878.15 on Friday's close.

"Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII'

Top gainers were Coal India Ltd., Grasim Industries Ltd., Bajaj Finance Ltd., Oil and Natural Gas Corporation of India Ltd., and ICICI Bank Ltd while Reliance Industries Ltd., HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., and Maruti Suzuki India Ltd. weighed on the benchmark index.

On NSE, eight sectors advanced, and four declined out of 12. The NSE Nifty Media was the top loser, and the NSE Nifty Finance was the top gainer. Broader markets outperformed. The S&P BSE Midcap ended 0.52% lower, and the S&P BSE Smallcap settled 0.21% lower. On BSE, 19 sectors out of 20 declined, only S&P BSE Healthcare rose. The S&P BSE Telecommunication declined the most.

Also watch: Nifty hits an all time high as Bajaj Finance shares soar