Stock market snaps three-day rally; IT stocks fall, Adani Group's shares rise

Mumbai, Sep 19 (IANS) Indian equity indices snapped the three-day winning streak to end the session on a negative note on Friday.

Profit booking in IT and banking heavyweights dragged the market. However, a rally in Adani group stocks post the SEBI's clean chit on US short-seller Hindenburg's allegations restricted a sharp decline in the market.

Sensex ended the session at 82,626.23, down 387.73 points or 0.47 per cent. The index started the trade a bit lower at 82,946.04 against last session's closing of 83,013.96. The index extended the downward trend further amid selling in IT and banking heavyweights. It touched an intraday low at 82,485.92.

Nifty settled at 25,327.05, down 96.55 or 0.38 per cent.

Adani Total Gas Limited's stock rose 7.55 per cent to close at Rs 652.80, Adani Power shares surged 13.42 per cent, Adani Enterprises rose 5.25 per cent to Rs 2,528, and Adani Ports and Special Economic Zone Limited's stock rose 1.15 per cent to Rs 1,429.

HCL Tech, ICICI Bank, Trent, Titan, Mahindra and Mahindra, HDFC Bank, Kotak Bank, PowerGrid, Ultratech Cement, Hindustan Unilever, Tata Motors, and ITC were the top losers from the Sensex basket. Adani Ports, SBI, NTPC, Bharti Airtel, Asian Paints, Axis Bank and Maruti Suzuki settled in green.

The majority of sectoral indices ended the session lower amid subdued interest from investors. Nifty Fin Services fell 171 points or 0.64 per cent, Nifty Bank slipped 268.60 points or 0.48 per cent, Nifty Auto dragged 109 points or 0.40 per cent, Nifty FMCG dipped 249 points or 0.44 per cent, and Nifty IT ended the session 172 points or 0.47 per cent.

The broader market remained relatively firm amid some uptick in small-cap stocks. Nifty Small Cap 100 rose 27.60 or 0.15 per cent, Nifty Midcap 100 jumped 21 points, while Nifty 100 fell 56 points or 0.21 per cent.

Indian rupee ended marginally higher at 88.10 per dollar on Friday, compared to the last day's closing of 88.13.

--IANS

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