The Indian stock market continued its downward streak, logging a sixth straight session of losses on Friday. The Sensex fell 733 points (0.90%) to close at 80,426, while the Nifty 50 declined 236 points (0.95%) to end at 24,654, marking the steepest weekly drop in nearly seven months.
Market sentiment was hit hard by two global triggers:
- U.S. curbs on H-1B visas dampened outlook for India’s IT sector.
- New tariffs on branded drugs dragged down pharmaceutical stocks.
Global Cues
- U.S. Markets: Despite Friday’s recovery (Dow +0.65%, S&P 500 +0.59%, Nasdaq +0.44%), all three indexes ended the week in the red.
- European Markets: STOXX 600 rose 0.8% on Friday but was nearly flat for the week.
Technical Outlook
Experts noted that Nifty has slipped below all key moving averages, with indicators suggesting a bearish setup. Immediate support is at 24,500, with resistance at 24,900. Analysts expect high volatility next week due to the monthly F&O expiry.
Market Breadth
- Most Active (Turnover): Titan, ICICI Bank, L&T, Netweb Technologies, Tata Investment, HDFC Bank, RIL.
- Most Active (Volume): Vodafone Idea, YES Bank, Adani Power, Suzlon, Rites, Eternal, Canara Bank.
- Buying Interest: Godrej Agrovet, Jupiter Wagons, Tata Investment, L&T, Netweb, HBL Power, Ipca Labs.
- Selling Pressure: Wockhardt, Vodafone Idea, Laurus Labs, Intellect Design, Waaree Energies, Caplin Point, Techno Electric.
Sentiment Meter
Out of 4,280 stocks traded on BSE, 3,100 declined, while only 1,041 advanced — showing strong bearish sentiment.
