Maruti Suzuki was among the top Nifty losers, the stock fell 2.5% to close at Rs 7,152.The Indian equity benchmarks fell for fourth day in a row on Friday dragged by losses in index heavyweights like HDFC, ICICI Bank, HDFC Bank, Tata Consultancy Services, Bajaj Finance and Bajaj Finserv.
The Sensex fell as much as 575 points to hit an intraday low of 58,551 and Nifty 50 index briefly dropped below below its important psychological level of 17,500.
However, markets staged a partial recovery in the last hour of trade on the back of buying interest in Reliance Industries, Mahindra - Mahindra, UltraTech Cement and Sun Pharma.The Sensex fell 361points to close at 58,766and Nifty 50 index declined 86points to end at 17,532."Our research suggests that the market may extend its losses fueled by concerns surrounding global economic recovery and persistent inflationary pressure in the United States.
If Sensex can sustain the support level of 58,200, we can expect it to trade in the range of 58,500-59,000," said Likhita Chepa, senior research analyst at Capitalvia Global Research.Eight of 15 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Realty index's nearly 2 per cent fall.
Nifty Bank, Financial Services, Information Technology and Private Bank indices also fell in range of 0.5-1 per cent.On the other hand, Pharma, Healthcare, Consumer Durables and PSU Banking shares witnessed buying interest.Mid- and small-cap shares ended largely on the flat note as Nifty Midcap 100 index ended little changed and Nifty Smallcap 100 index added 0.1 per cent.Paras Defence and Space Technologies - made a blockbuster stock market debut.
Paras Defence shares opened for trading at Rs 475 on the BSE compared to its issue price of Rs 175, marking an increase of 2.71 times.
On the National Stock Exchange, Paras Defence shares opened at Rs 469.
The stock rose as much as 181 per cent to hit an intraday high of Rs 492.45 on the NSE.Shares of Abbott India, Dalmia Bharat, Delta Corp, The India Cements, JK Cement, Oberoi Realty, Persistent Systems and Crompton Greaves Consumer Electricals advanced up to 7 per cent after these shares were added to the futures and options (derivative) segment of the markets from the start of October series.Maruti Suzuki was among the top Nifty losers, the stock fell 2.5 per cent to close at Rs 7,152 after it announced a massive production cut in October due to shortages in semiconductors.Bajaj Finserv, Asian Paints, Bajaj Finance, Bharti Airtel, HDFC, Tata Consumer Products, NTPC, TCS, ICICI Bank, Britannia Industries and Tech Mahindra were also among the losers.On the flipside, Mahindra - Mahindra, Coal India, Indian Oil, UltraTech Cement, Dr Reddy's Labs, ONGC, JSW Steel, HDFC Life and Sun Pharma were among the top Nifty gainers.The overall market breadth was positive as 1,809 shares were advancing while 1,423 were declining on the BSE.