In the last moments of Friday's trading session, benchmark stock market indexes broke all previous records, signaling the end of their recent record-breaking rise. The NSE Nifty50 dropped 90.8 points to close at 23,476.2, while the S&P BSE Sensex dropped 269.03 points to 77,209.9 points.
Due to profit booking, the majority of the wider market indexes also finished lower than when they started.
Although shares of information technology businesses increased, Dalal Street mood was negatively impacted by a decrease in the shares of major banking and financial services firms.
On the Nifty50, Bharti Airtel, LTIM, Hindalco, Shriram Finance, and Tata Steel were the top five gainers. Conversely, the top drags were Tata Motors, Adani Enterprises, L&T, Ultratech Cement, and Nestle India.
According to Geojit Financial Services' Head of Research Vinod Nair, "the domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector."
"The Northern India heatwave is causing a spike in the price of consumer durables. The disappointing outlook from Accenture caused US tech companies to book profits, which in turn caused the global markets to become muted. On the other hand, buying activity was seen in local IT companies since it seemed that market players had factored in lower results," Nair continued.
"Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion," he stated.
