Share Market: Share market fell on the last day of the trading week, Sensex fell by 423 points.

Mumbai: The three-day rally in the market came to a halt on Friday due to selling in major companies at the domestic level amid a mixed trend in the global markets. BSE Sensex lost 423 points, while Nifty fell 108 points. Analysts said that apart from selling pressure in IT companies, banks and financial stocks, continued withdrawal of foreign funds and rise in crude oil prices in international markets also weakened investor sentiment. In a session full of ups and downs, the 30-share BSE index Sensex fell 423.49 points, or 0.55 percent, to close at 76,619.33. At one time during trading it had fallen by 779.53 points to 76,263.29.

Similarly, the National Stock Exchange (NSE) index Nifty also fell by 108.60 points or 0.47 percent to 23,203.20. In this trading week, Sensex lost 759.58 points or 0.98 percent while Nifty fell by 228.3 points or 0.97 percent.

Biggest fall in Infosys shares

Ajit Mishra, senior vice president (research) at Religare Broking Ltd, said the market was again in decline after being bullish for three days. Weakness in IT and bank shares brought the index down. However, the strength in stocks like Reliance, ITC and L&T helped arrest the decline. Among the companies included in the Sensex group, Infosys recorded a huge decline of about six percent. The results of the country's second largest IT company Infosys Limited did not meet the expectations of investors. However, the company has registered an increase of 11.46 percent in third quarter net profit due to increase in demand.

There was a rise in the shares of Zomato

Similarly, Axis Bank shares also fell by four percent after the announcement of quarterly results. Apart from this, shares of Kotak Mahindra Bank, Tata Consultancy Services, Mahindra & Mahindra, ICICI Bank, Tech Mahindra, Bajaj Finance, HDFC Bank and Bajaj Finserv also showed a declining trend. In contrast, the shares of Reliance Industries, the country's largest company in terms of capitalization, rose by 2.50 percent after registering a 7.4 percent increase in net profit. The biggest rise was seen in the shares of Zomato. Apart from this, shares of Nestle, Asian Paints and Power Grid also closed with gains.

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Vinod Nair, head of research at Geojit Financial Services, said the decline in bank and IT sectors negatively affected the shares of big companies. We estimate that investors may adopt a risk-averse stance regarding the quarterly results. The BSE Midcap index related to medium companies registered a marginal increase of 0.04 percent and the Smallcap index related to small companies registered a marginal increase of 0.01 percent.