Major takeaways from today's Indian stock market: Sensex and Nifty end their six-day winning streak amidst bank losses

Following a six-day gain, the Indian benchmark indices, the Sensex and Nifty, saw a decline on Friday due to profit-taking at higher levels and the surge in oil prices. The largest index drags turned out to be bank equities, with HDFC Bank accounting for over half of the losses.

Today's stock market: Following a six-day run, the Indian benchmark indices, the Sensex and Nifty, saw a decline on Friday due to a surge in oil prices, trade deal worries, and profit taking at higher levels. The largest index drags turned out to be bank equities, with HDFC Bank accounting for over half of the losses.

At 84,211.88, the Sensex ended the day 344.52 points, or 0.41%, lower. The Nifty 50, its NSE equivalent, closed at 25,795.15, down 96 points, or 0.37%.

Despite outperforming the benchmarks, broader market indices nevertheless ended the day lower. The BSE Smallcap index fell 0.19%, while the BSE Midcap index fell 0.25%.

Ten significant takeaways from today's deal

The top stories from today's Indian stock market are as follows:

1. What caused the market to decline?

Despite encouraging signals from the global market, Ashika Institutional Equities said that Indian markets opened today on a cautious note. The brokerage stated that investor confidence was further undermined when India's trade minister reaffirmed that the nation will not enter into trade deals with stringent terms.

Technically speaking, the Nifty is still range-bound between 25,500 and 26,000 levels. It further stated that a clear break through this zone will probably set the tone for the following directional trend.

2. Today's top Nifty 50 gainers

Today, just 16 Nifty 50 equities ended the day up. As the price of aluminum increased, metal rival Hindalco was the top performer, rising 4.11%.

The other leading winners, which saw gains of 0.90% to 1.05%, included ICICI Bank, Bharti Airtel, Shriram Finance, ONGC, and Bharat Electronics.

3. Today's top Nifty 50 losers

However, 34 Nifty 50 equities ended the day lower. Despite its agreement with Eily Lilly, Cipla's stock fell the most, down 3.68%. With losses ranging from 1.8% to 3.3%, HUL, Max Healthcare, UltratTech Cement, and Adani Ports were also the biggest losers.