Markets decline in initial trade dragged by bank, IT stocks

Benchmark equity indices Sensex and Nifty declined in early trade on Friday dragged by bank and IT stocks ahead of the start of earnings season next week.

The 30-share BSE Sensex went lower by 181.04 points to 79,762.67 despite a positive beginning. The NSE Nifty dipped 56.55 points to 24,132.10.

From the Sensex, Tech Mahindra, Tata Consultancy Services, Infosys, ITC, ICICI Bank, Kotak Mahindra Bank, Sun Pharma and HDFC Bank were the major laggards.

NTPC, Tata Motors, Nestle and Adani Ports were among the gainers.

In Asian markets, Seoul and Hong Kong quoted in the positive territory while Shanghai traded lower.

US markets were in the negative territory on Thursday.

Foreign Institutional Investors (FIIs) turned buyers on Thursday after remaining net sellers for the past many days. They bought equities worth Rs 1,506.75 crore, according to exchange data.

Global oil benchmark Brent crude went up by 0.30 per cent to USD 76.16 a barrel.

The Sensex jumped 1,436.30 points or 1.83 per cent -- its best single-day gain in more than a month -- to settle at 79,943.71 on Thursday. The Nifty surged 445.75 points or 1.88 per cent to 24,188.65.