Nifty, Sensex Close Lower To Snap Three-Weekly Winning Streak To End The Week Flat: Market Wrap
The NSE Nifty 50 closed 1.03% lower at 22,519.40, and the BSE S&P Sensex declined 1.06% to end at 74,244.90.
India's benchmark stock indices ended lower on Friday as upbeat US economic data pushed back hope of an earlier rate hike triggering profit booking by market participants. Both indices snapped a three-weekly winning streak to end this week flat, as heavyweights HDFC Bank Ltd. and Larsen & Toubro Ltd. dragged.
The NSE Nifty 50 closed 234.40 points, or 1.03%, lower at 22,519.40, and the BSE S&P Sensex declined 793.25 points, or 1.06%, to end at 74,244.90.
The Nifty fell 1.06% to hit an intraday low of 22,512.70, and the Sensex declined 1.10% to touch a low of 74,213.76 on Friday.
"Nifty slipped lower as it experienced a consolidation breakdown in the lower timeframe," said Rupak De, senior technical analyst, LKP Securities Ltd. "The sentiment appears somewhat negative for the short term. However, on a closing basis, we observe support at 22,500 (for Nifty)."
"As long as it maintains above 22,500 on a closing basis, we do not anticipate a significant correction in the market," De said. "Sustained trading above 22,500 could potentially push the index to 22,650-22,700 once more. Conversely, a drop below 22,500 might initiate a correction of 200-250 points on the downside," he said.
The NSE Nifty 50 declined 0.03%, and the S&P BSE Sensex settled flat this week.
Shares of Bajaj Auto Ltd., Divi's Laboratories Ltd., Nestle India Ltd., Tata Consultancy Services Ltd. and Tata Motors Ltd. limited the loss in the Nifty 50.
While, HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd. and Sun Pharmaceutical Industries Ltd. weighed on the index.
All 12 sectors ended in negative on NSE. The NSE Nifty Pharma fell the most among peer indices tracking sharp loss in Sun Pharmaceutical Industries Ltd. The NSE Nifty Metal was the best performing sector.
Broader markets ended lower on BSE. The S&P BSE Midcap fell 0.49%, and the S&P BSE Smallcap settled 0.60% lower on Friday.
On BSE, all 20 sectors ended in the red. The S&P BSE Consumer Durables fell over 1% to become the top loser, and the S&P BSE was the best performing sector.
Market breadth was skewed in the favour of the sellers. Around 2,365 stocks declined, 1,475 stocks advanced, and 103 remained unchanged on BSE.