6 hrs ago
Sensex and Nifty post sixth weekly loss as laggards slip
India’s main stock indexes had another losing week.
This was the sixth week in a row in which both indexes fell overall.
On Friday, the Sensex edged down, but the Nifty rose.
Technology stocks performed weakly and limited the market’s gains.
TCS and Titan were among the stocks that lost value during the week.
Some companies, including HDFC Life and Bharti Airtel, gained.
One analyst said the market needs lower global risks and more overseas investment to recover.
Another analyst said the Nifty could fall further if it stays below 23,150.
A move above 23,520 could help the Nifty rise more.
Sensex fell 19.63 points, or 0.03%, to close at 74,294.96 on Friday, while Nifty50 rose 75.80 points, or 0.33%, to 23,346.40.
Between September 11 and September 18, Sensex declined 0.65% and Nifty slipped 0.22%, marking their sixth consecutive weekly loss.
TCS, Titan, Coal India, Bajaj Finserv and other major stocks fell as much as 4.35% during the week.
HDFC Life, HCL Technologies, Bharti Airtel and other notable gainers rose as much as 3.95%.
Analysts said easing global risks and stronger foreign investor inflows could support recovery, while 23,150 remains a key Nifty support level.
- Who
- The Sensex, Nifty50 and their constituent companies; analysts Vinod Nair and Sudeep Shah provided market views.
- What
- The Sensex and Nifty recorded their sixth consecutive weekly losses, despite mixed performance during Friday’s session.
- Where
- The Indian stock market.
- When
- Friday’s session and the week between September 11 and September 18; the year was not specified.
- Why
- The market remained affected by weak IT stocks and broader global macroeconomic risks, while analysts cited foreign investor inflows as important for recovery.
Key facts
- Sensex close
- 74,294.96, down 19.63 points or 0.03% on Friday
- Nifty50 close
- 23,346.40, up 75.80 points or 0.33% on Friday
- Weekly Sensex performance
- Down 0.65% between September 11 and September 18
- Weekly Nifty performance
- Down 0.22% between September 11 and September 18
- Largest weekly decline among listed stocks
- Up to 4.35%, including TCS and Titan
- Largest weekly gain among listed stocks
- Up to 3.95%, including HDFC Life and HCL Technologies
- Nifty support and resistance
- Support at 23,180–23,150; immediate resistance at 23,500–23,520
Quotes
Sudeep Shah
Head of Technical and Derivatives Research at SBI Securities
“Going forward, the 23180–23150 zone is expected to act as a crucial support area. A sustained breach below 23150 could intensify selling pressure towards 23000 levels. On the upside, 23500–23520 is likely to act as an immediate hurdle. A sustained move above 23520 could trigger short covering and extend the pullback towards 23650 levels.”
businesstoday.in
Sources
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