(RTTNews) - Indian shares reversed early gains to end sharply lower on Friday despite firm cues from global markets.
The benchmark BSE Sensex fell 1,092.05 points, or 1.44 percent, to 74,775.74 as rising volatility due to continued FII selling and forecasts of a slightly below-normal monsoon season this year offset rising hopes of a U.S.-Iran deal.
The broader NSE Nifty index slumped by 359.40 points, or 1.50 percent, to 23,547.75. The Sensex and Nifty hit as high as 76,220 and 24,002, respectively early in the day before reversing course to end sharply lower for the day.
The BSE mid-cap and small-cap indexes dropped 1.3 percent and 0.6 percent, respectively.
The market breadth was weak on the BSE, with 2,599 shares falling while 1,671 shares advanced and 193 shares closed unchanged.
Selling was broad-based, with HDFC Bank, BEL, Reliance Industries, Eternal, Hindustan Unilever, Sun Pharma, UltraTech Cement, Bajaj Finance, Tata Steel, Mahindra & Mahindra, NTPC, Indigo and Power Grid Corp losing 2-3 percent.
The IT sector emerged as the top performer, with Tech Mahindra and HCL Technologies both rising around 2 percent, after Wipro announced an expanded partnership with ServiceNow to implement and scale agentic AI workflows across enterprise functions, and Tata Elxsi unveiled an AI-native software development platform for healthcare and medical technology companies.
Global cues were mostly positive, the dollar headed for a small weekly loss on improved risk sentiment in financial markets, and oil prices slipped to a one-month low amid investor optimism that the Middle East conflict is inching toward an end and that the reopening of the Strait of Hormuz may ease disruptions to energy flows.
Media reports suggested that the U.S. and Iran have reached a temporary agreement to extend their ceasefire by 60 days, resume unrestricted shipments through the Strait of Hormuz, and begin negotiations over Tehran's nuclear program.
According to the tentative agreement, pending final approval from U.S. President Donald Trump, Iran would not be able to impose tolls on ships transiting the Strait of Hormuz, while the U.S. would gradually lift its sea blockade on Iranian ports.
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