The Indian market succumbed to the 6th straight session on Friday, with the Sensex and Nifty publishing their steepest weekly drop in almost 7 months as U.S. curbs on H-1B visas and tariffs on top quality drugs moistened belief.
The S&P BSE Sensex dropped 733.22 points, or 0.90%, to close at 80,426.46, while the NSE Nifty 50 shed 236.15 points, or 0.95%, ending at 24,654.70.
How experts check out the marketplace pulse
The Indian market mirrored a selloff throughout Asian peers, with belief rattled by fresh tariffs targeting pharmaceuticals, dragging pharma stocks deep into the red, stated Vinod Nair, Head of Research at Geojit Investments.
“Meanwhile, Accenture’s weaker assistance and task cuts highlighted slowing IT costs, with AI-driven development stopping working to satisfy expectations, triggering a broad sell-off in tech shares. Financiers stay careful, with near-term concentrate on domestic financial investment and intake amidst international unpredictability,” Nair added.
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US markets
U.S. equities climbed on Friday as inflation data largely matched expectations, though all three major indexes logged weekly losses, snapping recent winning streaks for the S&P 500 and Nasdaq.
The Dow Jones Industrial Average rose 299.97 points, or 0.65%, to 46,247.29, while the S&P 500 added 38.98 points, or 0.59%, to 6,643.70. The Nasdaq Composite gained 99.37 points, or 0.44%, finishing at 22,484.07. For the week, the Dow slipped 0.2%, the S&P 500 fell 0.3%, and the Nasdaq lost 0.7%.
European markets
European shares recovered from a three-week trough on Friday, supported by strength in financial and industrial stocks, keeping the benchmark index flat for the week.
The pan-European STOXX 600 climbed 0.8% on the day, ending the week with a marginal gain of 0.07%.
Tech view
The Nifty has slipped below all key moving averages, with momentum indicators and oscillators triggering a sell crossover on the daily chart, said Nilesh Jain, Head of Technical and Derivatives Research at Centrum Broking. With the monthly F&O expiry approaching next week, elevated volatility is expected to persist.
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“Immediate assistance is put at 24,500, followed by 24,350. On the benefit, a definitive relocation above 24,900 is important to reverse the existing bearish setup. For the upcoming week, we anticipate the Nifty to sell a more comprehensive variety of 24,300 to 25,100. The index stays in a drop, regularly forming lower highs and lower lows. It has actually now backtracked 78.6% of its previous rally from 24,404 to the current peak of 25,448, bringing the 24,600 zone into focus,” Jain stated.
Most active stocks (turnover)
Titan Company (Rs 2,510 crore), ICICI Bank (Rs 2,501 crore), L&T (Rs 2,196 crore), Netweb Technologies (Rs 2,089 crore), Tata Investment (Rs 1,851 crore), HDFC Bank (Rs 1,407 crore) and RIL (Rs 1,360 crore) were the most active on the BSE in worth terms. High turnover frequently signifies strong trading interest.
Most active stocks (volume)
Vodafone Idea (159.73 crore shares), YES Bank (8.55 crore), Adani Power (6.50 crore), Suzlon Energy (5.44 crore), Rites (3.74 crore), Eternal (2.68 crore) and Canara Bank (2.55 crore) were amongst the most actively traded stocks on the NSE by volume.
Stocks revealing purchasing interest
Godrej Agrovet, Jupiter Wagons, Tata Investment, L&T, Netweb Technologies, HBL Power and Ipca Labs saw strong purchasing interest.
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52-week low and high
Over 132 stocks struck fresh 52-week highs, consisting of Maruti Suzuki and Netweb Technologies, while 154 stocks slipped to 52-week lows.
Stocks under offering pressure
Wockhardt, Vodafone Idea, Laurus Labs, Intellect Design, Waaree Energies, Caplin Point and Techno Electric saw substantial selling pressure.
Belief meter
Market belief was bearish. Out of the 4,280 stocks that traded on the BSE, 3,100 decreased, 1,041 advanced, and 139 stayed the same.
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(Disclaimer: Recommendations, recommendations, views and viewpoints provided by the professionals are their own. These do not represent the views of The Economic Times)
