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Indian benchmark indices ended Friday in the red, registering their third straight loss dragged by auto and bank stocks.

Short covering occurs when traders buy back previously sold short shares, often leading to a price increase. Five stocks saw short covering on Friday, resulting in a decrease in open interest.

Cryptocurrency markets edged higher on Friday, supported by expectations of a Fed rate cut and awaiting PPI data. Bitcoin was up 0.2% at $60,898, and Ethereum gained 1.3% to $2,412.

Headline equity indices Sensex and Nifty50 ended lower on Friday, dragged down by losses in banking, auto, and IT major Tata Consultancy Services (TCS), which posted a weaker-than-expected quarterly profit.

The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market.

A high EV to MCAP ratio suggests increased financial risk. Five Nifty 500 companies have a high EV to MCAP ratio, indicating potential financial risks and valuation concerns.

A moderate EV to market cap ratio reflects a well-balanced financial structure.

The Indian central bank likely intervened to curb a sharp decline in the rupee, which touched a low of 84.07 per dollar. Large state-run banks sold dollars to manage the exchange rate amid strong demand from oil companies and foreign banks. Benchmark Indian equity indices were also down.

The Nifty Pharma index was trading 0.6 per cent up at 23444.3.

The stock quoted a 52-week high price of Rs 653.9 and low of Rs 259.5.