Markets snap five-day rally, Sensex tumbles over 600 pts

• Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally.
• Investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets.
• The 30-share BSE Sensex tanked 609.28 points or 0.82% to settle at 73,730.16.

Market benchmarks Sensex and Nifty wilted under selling pressure on Friday after a five-day rally as investors pared exposure to banking, financial and consumer durable stocks amid mixed trends in global markets. Rising global crude prices, a depreciating rupee and persistent foreign fund outflows further weighed on sentiment, traders said.

Profit-taking also came into play as the 30-share BSE Sensex tanked 609.28 points or 0.82% to settle at 73,730.16. During the day, it lost 722.79 points or 0.97% to 73,616.65.

The NSE Nifty declined 150.40 points or 0.67% to 22,419.95.

"Domestic equity benchmarks halted their five-day winning streak on Friday, driven by weak global cues. The Nifty opened on a positive note on the first day of the May series but could not sustain at higher levels and closed the day on a negative note at 22,420. The broader market outperformed the benchmarks, with the midcap and smallcap indices registering fresh lifetime highs. Technically, the index has formed a dark cloud cover candlestick pattern on a daily scale," said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates.

Bajaj Finance was the biggest drag on the Sensex chart, skidding nearly 8% after the company's March quarter earnings failed to cheer investors. Bajaj Finserv also declined over 3%.

IndusInd Bank, Nestle, Kotak Mahindra Bank and Mahindra & Mahindra were among the other laggards.

Meanwhile, Tech Mahindra jumped over 7% after the IT services company's CEO outlined an ambitious three-year roadmap to accelerate revenue growth and lift margins.

Wipro, ITC, UltraTech Cement, Titan and Axis Bank were among the gainers.

"The fall was on expected lines as both the benchmark indices had rallied for five straight sessions, and profit-taking has been due for some time.

"Correction is also attributed to global factors after the Japanese Yen fell to a new 34-year low and disappointing US data pushed its benchmark yields to over 4.7%, thus worsening hopes of an interest rate cut in the medium term," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading in the green. Wall Street ended lower on Thursday.

Global oil benchmark Brent crude climbed 0.31% to USD 89.29 a barrel.

The rupee declined 7 paise to close at 83.35 (provisional) against the US dollar on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,823.33 crore on Thursday, according to exchange data.

The BSE benchmark climbed 486.50 points or 0.66% to settle at 74,339.44 on Thursday. The NSE Nifty advanced 167.95 points or 0.75% to 22,570.35.

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