1 hr ago
Sensex, Nifty End Lower as IT, Banks Cushion Losses
Indian stock markets finished lower on Friday.
The Sensex and Nifty 50 both lost some value.
They recovered from their lowest points during the day because investors bought technology, banking and FMCG shares.
Some metal companies, including Hindalco Industries, JSW Steel and Tata Steel, gained.
Smaller companies performed worse than the main indexes.
Investors were worried about weak markets around the world, expensive crude oil and geopolitical uncertainty.
The Indian rupee also fell for a fourth straight session.
Experts said strong domestic conditions and institutional buying could help limit further losses, although markets may remain unsettled.
The Sensex fell 120.83 points, or 0.16%, to 74,781.76, while the Nifty 50 declined 79.70 points, or 0.34%, to 23,398.10.
Buying in information technology, FMCG and banking shares helped the benchmarks recover from their intraday lows.
Hindalco Industries, JSW Steel and Tata Steel were among the leading Nifty gainers.
Nifty MidCap fell 0.26% and Nifty SmallCap declined 0.58%, while Metal and Realty were among the weakest sectors.
Elevated crude prices, geopolitical uncertainty, foreign outflows, higher bond yields and expectations of tighter monetary policy pressured markets and the rupee.
- Who
- Indian equity benchmarks, investors, market experts and the Indian rupee were central to the report.
- What
- The Sensex and Nifty 50 ended lower but recovered from their intraday lows, while the rupee extended its decline.
- Where
- Indian financial markets, with the market update filed from Mumbai.
- When
- Friday; the articles do not provide a calendar date.
- Why
- Weak global equities, elevated crude prices, geopolitical uncertainty, foreign outflows, higher bond yields and expectations of tighter monetary policy weighed on markets.
Market Pressure View
Supportive Market View
Near-term direction
Market Pressure View
Weak global equities, elevated crude prices, geopolitical uncertainty, foreign outflows and higher bond yields could keep volatility high and pressure Indian stocks.
Supportive Market View
Resilient domestic fundamentals and institutional buying at lower levels could limit deeper losses and support the medium-term outlook.
Monetary policy impact
Market Pressure View
Higher US producer inflation and stronger economic data reinforced expectations of tighter monetary policy, pushing bond yields higher and sustaining pressure on risk assets.
Supportive Market View
The articles do not identify a direct offsetting monetary-policy factor, but they report that domestic institutional support continued to attract buying.
Currency outlook
Market Pressure View
Surging crude prices, climbing bond yields and foreign fund outflows contributed to the rupee's fourth consecutive daily decline and steepest weekly loss since May 15.
Supportive Market View
Market experts expected a period of USD-INR consolidation after its recent sharp rise, with resistance near 95.80 and support around 95.15.
Key facts
- Sensex close
- 74,781.76, down 120.83 points or 0.16%
- Nifty 50 close
- 23,398.10, down 79.70 points or 0.34%
- Top reported gainers
- Hindalco Industries, JSW Steel and Tata Steel
- Broader market
- Nifty MidCap fell 0.26%; Nifty SmallCap fell 0.58%
- Stronger sectors
- Nifty Private Bank and Nifty IT; buying was also reported in FMCG stocks
- Weaker sectors
- Nifty Metal and Nifty Realty were among the biggest laggards
- Rupee performance
- The rupee fell for a fourth consecutive session and recorded its steepest weekly loss since May 15
- USD-INR levels
- Immediate resistance was identified around 95.80 and strong support around 95.15
Quotes
Market watchers
Commentators assessing domestic market conditions and its medium-term outlook
“While elevated crude prices, foreign outflows, and geopolitical uncertainty may keep volatility high, resilient domestic fundamentals and strong institutional support continue to attract buying at lower levels, limiting downside risks and supporting the medium-term outlook.”
thehansindia.com
“In the near term, spot USDINR faces resistance at 95.80, with strong support positioned around 95.15, paving the way for a phase of consolidation following the recent sharp upward surge.”
thehansindia.com
Sources
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