Markets Slide: Nifty Ends Below 23,100, Sensex Sheds 300 Points; FMCG, IT Lead Gains

Subhead: Broader markets face heavy losses as banking and midcap indices drop sharply, but FMCG and IT sectors buck the downward trend.

Rewritten Article:
The Indian equity markets ended on a weak note on Friday, with the NSE Nifty 50 dropping 115.85 points (0.50%) to close at 23,089.50, and the BSE Sensex slipping 305 points (0.40%) to settle at 76,215.49. Both indices erased their intraday gains, reflecting a lackluster trading session.

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Despite the overall decline, FMCG and IT sectors managed to stay in the green, with Nifty FMCG rising by 0.52% and Nifty IT gaining 0.40%. The broader indices, however, painted a grim picture, with Nifty Midcap 100 falling 1.61% to 53,226.85. Micro- and small-cap stocks bore the brunt of the selloff as investor sentiment remained fragile.

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The banking sector also struggled, with Nifty Bank losing 245 points (0.50%) to close at 48,344.45. The volatility index, India VIX, edged up 0.29% to 16.75, indicating persistent market unease.

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Top Gainers and Losers:
Major gainers in the Nifty 50 included Hindustan Unilever, Britannia, Eicher Motors, Grasim Industries, and ICICI Bank. On the losing side, Dr. Reddy’s Laboratories (4.9%), Trent (4.09%), M&M (3.03%), Adani Enterprises (2.97%), and BPCL (2.95%) led the pack.

Outlook:
With broader market indices underperforming and volatility on the rise, analysts caution that challenges such as geopolitical risks and subdued corporate earnings could continue to weigh on investor sentiment in the near term.

Tags: Nifty 50, Sensex, Indian stock market, FMCG stocks, IT sector, Nifty Midcap 100, market volatility, India VIX, stock market analysis, BSE, NSE