Ending its day winning streak, the stock markets saw selling pressure on the last day and the broader indices of BSE Sensex declined due to profit-booking in sectors like IT, financial services, oil and gas shares after a record-breaking run and weak global trends.

Globally markets in Hong Kong, China, Japan and Australia were down up to 1.7 per cent following overnight losses in US equities.

At closing on Friday, the 30-share BSE Sensex fell sharply by 505.19 points or 0.77 per cent to close at 65,280.45 points as 25 of its constituents ended in red and five in green, it moved between 65,175.74 and 65,898.98 during the day, while ending its eight-day winning streak, the broader Nifty of the National Stock Exchange declined by 165.50 or 0.85 per cent to settle at 19,331.80. Indices of Nifty of the National Stock Exchange declined by 165.50 or 0.85 per cent to settle at 19,331.80

Among big counters on the Sensex, PowerGrid fell the most by 2.76 per cent, IndusInd Bank down by 2.34 per cent, HUL by 2.23 per cent and NTPC down by 2.04 per cent. ICICI Bank, HDFC Bank, HDFC, ITC, Infosys, L&T, Bajaj Finance, Kotak Bank, HCL Tech and Tech Mahindra were also among the losers in the index. 

Shares of Mahindra & Mahindra, SBI and TCS were also among the gainers in the index, Tata Motors was among the counters which buckled the downward trend and rose by 2.94 per cent, followed by another Tata group company Titan which gained 1.26 per cent.

Apart from weak global trends that led to the negative sentiments, market experts are of the opinion that equities have also seen a downward trend due to a spike in US bond yields and the likelihood of a prolonged high-interest rate environment in the US.

Traders were, however, upbeat about the Indian markets doing good in the long run as better-than-expected results have renewed interest of the retail investors and institutional investors, besides, the monsoons have progressed very well and have now spread across India. This they consider a good sign for the Indian equities market they could see renewed interest in the next few weeks.