Indian stock benchmarks plunged into the red after opening higher Friday, swept by consumer discretionary. Asian stocks traded in a choppy tone amid aggressive US monetary policy and continued fluctuations in commodity markets due to the war between Russia and Ukraine. Crude oil declined as the United States and allies considered removing more oil from storage to cool markets. Brent oil fell 0.22 percent to $118.77 a barrel and US crude fell 0.5 percent to $111.74 a barrel, but prices were still very high historically.
At home, the BSE Sensex 30 stocks fell 138 points, or 0.24 percent, to 57,460, while the broader NSE Nifty fell 38 points, or 0.22 percent, to 17,185.
Mid and small cap stocks traded positively as the Nifty Midcap 100 index rose 0.37 percent and small cap stocks rose 0.67 percent.
Nine of the 15 sector meters – compiled by the National Stock Exchange – were in the red. Nifty Consumer Discretionary and Bank underperformed the index, declining 0.87 percent and 0.29 percent, respectively. However, Nifty PSU Bank and Nifty Metal gained 0.49 percent and 0.22 percent, respectively.
On the stock-specific front, Titan was the top loser as the stock cracked 2.16 percent to Rs 2,561.85. Tata Consumer Products, Maruti, Tech Mahindra and Asian Paints were also among the laggards.
However, overall market size was strong as 1,705 shares rose while 987 fell for BSE.
On the 30-share BSE index, Titan, Maruti, TechM, Asian Paints, PowerGrid, HDFC Bank and Axis Bank were among the biggest losers.
By contrast, Bharti Airtel, Tata Steel, SBI, Kotak Mahindra Bank and M&M traded in the green.
Sensex was down 89 points, or 0.15 percent, to close at 57,596 on Thursday, while Nifty had moved down 23 points, or 0.13 percent, to settle at 17,223.