Benchmark indices ended Friday's session with marginal cuts after IT stocks dragged down the indices to erase the intraday gains made on the back of financials.
IT stocks remained subdued throughout the day after the US-based IT services company Cognizant nearly halved its 2019 growth guidance.
The S&P BSE Sensex ended 18 points lower for the day at 38,963, with TCS, Hindustan Unilever, TATA Steel, HCL Tech and Infosys dragging the index down while the broader index Nifty50 was also down 12.5 points to end at 11,712 levels. The market breadth was tilted in favour of declines.
On a weekly basis, the S&P BSE Sensex closed 0.27 per cent lower while and the NSE Nifty50 slipped 0.36 per cent, making it the indices' biggest weekly loss since February 11.
Among sectoral indices, the Nifty IT index was the biggest loser, down almost 1.9 per cent while the Nifty FMCG index also slipped 1.13 per cent. On the other hand, Nifty Realty index and Nifty PSU Bank index gained 1.57 per cent and 1.09 per cent, respectively.
IT stocks remained under pressure on Friday, after the US-based IT services company Cognizant nearly halved its 2019 revenue expectations after missing first-quarter results, as it faces sluggish demand in its financial and healthcare businesses.
Shares of Balrampur Chini Mills continued their northward journey, with the stock hitting 18-month high of Rs 157 before ending the day at Rs 156.50, up 1.69 per cent, on the expectation of strong earnings growth.
Shares of Kansai Nerolac Paints slipped 6 per cent to Rs 395 on the National Stock Exchange (NSE) before ending the day 4.12 per cent higher at Rs 435 after the company reported 12 per cent decline in its net profit at Rs 93 crore in March quarter (Q4FY19), due to lower demand for industrial products.