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Equity indices snapped a three-day winning streak amid rising COVID-19 cases and a shortage of vaccines and medicines. The 30-share index Sensex ended 154 points or 0.31% per cent lower at 49,591. Similarly, Nifty slipped 38 points or 0.26% to 14,834.

Bajaj Finance was the top loser in the Sensex pack, shedding around 3 per cent, followed by UltraTech Cement, NTPC, Axis Bank, ICICI Bank, IndusInd Bank, Reliance Industries, L&T and HDFC Bank. On the other hand, Sun Pharma, HUL, Tech Mahindra and Dr Reddy’s were among the gainers.

“Domestic equities traded range-bound with continued selling pressure from financials. Further, weak cues from Asian markets and concerns of a sharp rise in COVID-19 cases across the country weighed on sentiments,” said Binod Modi, Head Strategy at Reliance Securities.

Looking at sectoral performance pharma stocks were in great demand as Nifty Pharma index was up over 3% followed by Nifty IT & Nifty FMCG indices jumping around 0.80%. Nifty Bank lost over a per cent while Nifty Metal fell 0.62% and Nifty Auto slipped 0.37%.

While financials remained a drag, pharma stocks witnessed strong buying due to expectations of improvement in sales volume in the backdrop of a spike in new coronavirus cases, said Modi, adding IT stocks remained in focus ahead of results next week.

He stated that a continued sharp rise in coronavirus cases in the country and resultant mobility restrictions are expected to weigh on investor sentiment in the near term. Further, recent weakness in the rupee may also aggravate investors’ concerns and adversely impact FPIs flows, added Modi.

In the broader market, the BSE SmallCap index hit a fresh record peak of 21,667, for the second day in a row but ended at 21,596 gaining 0.69%. In contrast, the BSE MidCap index ended with a marginal loss of 0.07%.

Primary market:

The initial public offer (IPO) of Macrotech Developers received bids for 4.08 crore shares as against 3.64 crore shares on offer, according to the stock exchange data at 15:10 IST on Friday (9 April 2021). The issue was subscribed 1.12 times.

Global markets:

Most European shares advanced while most Asian stocks decline on Friday.

In the US, the S&P 500 rose to another record high on Thursday amid a strong rally in major technology stocks.

Federal Reverse chairman Jerome Powell signalled on Thursday that the economic rebound from the pandemic still has room to go as the recovery thus far hasn’t been well-rounded. Powell also repeated that inflation is not expected to be serious even though near-term price pressures are likely.

Data showed an unexpected rise in the number of Americans filing new claims for unemployment benefits. A total of 744,000 Americans filed for unemployment benefits for the first time during the week ended April 3, the Labor Department said Thursday.