MUMBAI: Markets snapped a three-day winning streak to close lower on Friday. The Nifty ended down two-fifths of a percent at 17003.75 and the Sensex closed down 0.33% at 57,124.31.
Both indices ended significantly lower from their intraday highs. The Nifty fell 152 points and the Sensex dropped 500 points from the day’s peaks amid concerns of rising Omicron cases ahead of the Christmas holiday.
IT led the gains on the Nifty with HCL Technologies, Tech Mahindra and Wipro closing between half and three percent higher.
Grasim Industries, NTPC and Eicher Motors were the top losers down from 1.7-3%.
FIIs have remained net sellers of Indian shares worth Rs 17825 crore so far this month.
However, they remain cumulatively bullish on Nifty and Bank Nifty futures contracts, being buyers of a net 50717 contracts.
“They’ve been sellers in cash but have retained a bullish stance on index futures, making a reading of their stance tricky,” said Rohit Srivastava, mentor, IndiaCharts.
Analysts believe the index which is down almost 9% from its record high of 18604 of Oct 19 needs to close above 17250 for it to test higher levels.
Sunil Pachisia, VP, Pratibhuti Viniyog, feels the market could re-test the Oct record high if it sustains at current levels amid rising concerns “surrounding” the pandemic.