The Indian market gave up morning gains and ended the week on a negative note on Friday. Nifty closed 113 pts lower
at 23,092 and Sensex fell 330 pts to 76,190, reflecting weak investor sentiment on Dalal Street. Investor wealth declined by Rs 5.12 lakh crore to Rs 419.51 lakh crore today.
Stocks such as M&M, Zomato, Tata Motors, IndusInd Bank, Reliance Industries and L&T led the losers on Sensex, falling up to 2.92%. HUL, Tech Mahindra, Nestle, ICICI Bank, Infosys were the top Sensex gainers, rising up to 1.98%.
BSE midcap index tanked 693 pts to 42,715, indicating weakness in the broader market. BSE small cap stock index too crashed 1142 pts to 50,107 level.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “A small negative candle was formed on the daily chart with long upper shadow. Technically this market action signal rejection of bulls at the lower highs. The bearish pattern like lower tops and bottoms continued on the daily chart and Friday’s high of 23,347 could now be considered as a new lower top of the pattern. The near-term trend of Nifty remains weak. A slide below the immediate support of 22,975 levels could open the next downside towards 22,800 levels. Any upside bounce towards 23,350-23,400 could be a sell on rise opportunity.”
Devarsh Vakil, Head – Prime Research, HDFC Securities said,” Any level below 22976 would break the congestion zone held for the last 10 trading sessions. If Nifty falls below 22,976, it could decline further to 22,800. On the upside, 23,350 serves as immediate resistance.”
Ajit Mishra – SVP, Research, Religare Broking said, “This movement in the index aligns with expectations, and we anticipate further downside pressure in the coming sessions towards the 22,700-22,900 zone in Nifty. However, the greater concern lies in the pronounced selling in the midcap and smallcap segments, which is unlikely to ease in the near term. On a positive note, select pockets across sectors are showing signs of resilience and could emerge as potential outperformers during the next phase of recovery. For now, participants are advised to align their positions with the prevailing trend and avoid adding to losing trades.”
Vinod Nair, Head of Research, Geojit Financial Services said, “The ongoing appreciation of the USD could reverse once market yields flatten out, as the Trump administration is to sustain is slowing. This negative market bias is not expected to persist for long. For long-term investors, this is not the time to sell but rather be patient and adopt an accumulation strategy.”
As many as 79 stocks hit their 52-week highs today. On the other hand, 162 shares fell to their 52-week lows on BSE today.
Market breadth was in red. Out of 4059 stocks traded, 1038 stocks ended in the green on BSE. Around 2902 stocks closed in the red while 119 stocks remained unchanged.
Around 4 stocks hit their lower circuits as the stock market tanked on Friday. On the other hand, 7 shares hit their upper circuit limits.
FII-DII selloff
Foreign institutional investors sold Rs 5462.52 crore worth of equities on a net basis on Thursday, while domestic investors bought Rs 3712 crore of shares, as per provisional NSE data.
Previous session
The Sensex gained 115.39 points to settle at 76404.99, while the Nifty gained 50.0 points to close at 23155.35.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.