Mumbai, Nov. 22 (PTI): Market benchmark Sensex dropped 216 points on Friday, dragged by losses in index-heavyweights Infosys, TCS and HDFC Bank.
After trading on a weak note through the day, the 30-share index ended 215.76 points, or 0.53 per cent, lower at 40,359.41. It hit an intra-day low of 40,276.83 and a high of 40,653.17.
Similarly, the broader NSE Nifty settled 54 points, or 0.45 per cent, down at 11,914.40.
Infosys was the top loser in the Sensex pack, dropping 2.89 per cent, followed by TCS, Asian Paints, Bharti Airtel and HCL Tech.
On the other hand, Tata Steel gained 3.74 per cent, NTPC 2.35 per cent, Vedanta 2.27 per cent and ONGC 2.18 per cent.
IT stocks led the fall in the market amid reports of changes in US work visa requirements aimed at protecting American workers, traders said.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul settled in the green, while Shanghai finished on a negative note.
European equities were also trading on a positive note in their respective early deals.
Brent crude futures, the global oil benchmark, dipped 0.03 per cent to USD 63.95 per barrel.
Rupee firms up 5 paise at 71.71 vs US dollar
The Indian rupee furthered its gains by 5 paise to close at 71.71 against the US dollar on Friday, helped by sustained foreign fund inflows and lower crude oil prices.
Starting on a steady note, the rupee went through bouts of volatility during the session and touched an intra-day low of 71.87 against the US dollar. The domestic unit found some stability later and finally settled at 71.71, up 5 paise over its previous close.
On a weekly basis, the Indian currency gained 7 paise.
Experts attributed the initial bouts of volatility in the forex market to lack of guiding factors on the domestic front and uncertainty with regard to ongoing global trade tariff tussle.
"This week USD/INR remained pretty range bound, while conflicting and mixed messages by the Trump administration kept rupee on an edge. A long pause will further weaken risk appetite," said Rahul Gupta, Head of Currency Emkay, Global Financial Services.
Gupta further said that "for the next week, we expect USD/INR spot to trade within 71.55-72.25 range. 72 will act as a strong resistance, until and unless there is clarity over trade deal".
In a positive sign for the domestic market, foreign investors have continued with their bullish outlook and bought equities worth INR 305.72 crore on Friday.
A day before, they had purchased shares worth INR 5,023.54 crore from the capital markets on a net basis, provisional data showed.
"Next week, focus will be on second quarter GDP numbers and weaker-than-expected number could keep the rupee weighed down against the US dollar. For the next couple of sessions, we expect that volatility for the rupee could be confined to a range of 71.50 and 72.05," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.04 per cent to 98.02.
Meanwhile, the 10-year government bond yield was at 6.51 per cent on Friday.
