Nifty, Sensex End Lower But Logs Weekly Gains: Market Wrap
The NSE Nifty 50 settled 0.67% lower at 22,419.95, and the S&P Sensex declined 0.82% to end at 73,730.16.
India's benchmark stock indices ended lower, snapping a six-day rally, as Bajaj Finance Ltd., Larsen & Toubro Ltd., and ICICI Bank Ltd. dragged. However, the benchmarks on a weekly basis closed higher.
The NSE Nifty 50 settled 150.40 points, or 0.67%, lower at 22,419.95, and the S&P Sensex declined 609.28 points, or 0.82%, to end at 73,730.16. The Nifty fell 0.82% to an intraday low of 22,385.55, and the Senex declined 0.97% to touch a low of 73,616.65 on Friday.
"The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US," said Vinod Nair, head of research at Geojit Financial Services. "The Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings."
The benchmarks recouped losses from last week after rising for six straight days until Thursday. The NSE Nifty 50 index rose 1.23% and the S&P BSE Sensex gained 0.88% on a weekly basis.
Tech Mahindra Ltd., Divi's Laboratories Ltd., Bajaj Auto Ltd., ITC Ltd., and LTIMindtree Ltd. added to the index.
Bajaj Finance Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd., Kotak Mahindra Bank Ltd., and Mahindra & Mahindra Ltd. weighed on the index.
All 12 sectors logged gains this week. The NSE Nifty PSU Bank index rose the most among its peers. The NSE Nifty Finance index was the worst-performing sector.
Broader markets outperformed their larger peers, with the S&P BSE Midcap ending with 0.83% gains and the S&P BSE Smallcap closing 0.27% higher on Friday.
On BSE, Out of 20 sectors, 12 advanced and eight declined. The S&P BSE Consumer Durables rose the most
Market breadth was skewed in favour of the buyers. Around 2,016 stock rose, 1,766 stocks declined, and 131 stocks remained unchanged on BSE.