Nifty, Sensex Log Worst Week In Nearly Two Months: Market Wrap
On a weekly basis, the Nifty lost 1.87% and the Sensex declined 1.64%, marking the worst close since the week-ended March 15.
Benchmark equity indices logged their worst week in nearly two months as they declined around 2% this week. On Friday, the indices ended higher after five sessions, led by gains in Bharat Petroleum Corp. and Hero MotoCorp Ltd.
The Nifty ended 0.44%, or 97.10 points, higher at 22,054.60 and the Sensex rose 248.45 points, or 0.34%, to close at 72,652.62.
On a weekly basis, the Nifty lost 1.87% and the Sensex declined 1.64%, marking the worst close since the week-ended March 15.
Both the Nifty and Bank Nifty have witnessed a bad weekly close and they are in a very critical support zone, said Kunal Shah, senior technical and derivative analyst at LKP Securities. The last hope for Nifty is 21,800; if that breaks, the correction will continue to the 21,200 mark, he said.
For Nifty Bank, the larger part of the correction is over, said Shah. The next immediate support will be 47,050, which is a 100-day exponential moving average.
Shares of ITC Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., NTPC Ltd., and Hindustan Unilever Ltd. contributed the most to the gains.
Tata Consultancy Services Ltd., HDFC Bank Ltd., Infosys Ltd., Kotak Mahindra Bank Ltd., and Mahindra & Mahindra Ltd. capped the upside.
Most sectors ended the week lower, but the Nifty FMCG, Nifty Auto, and Nifty IT outperformed.
Broader markets outperformed the benchmark indices. The S&P BSE Midcap ended 0.81% higher and the S&P BSE Smallcap settled 0.80% up.
On BSE Ltd., 16 sectoral indices advanced and four declined, out of 20. The S&P BSE Utilities was the top performing sectoral index, while the S&P BSE IT index emerged as the worst performing among peers on Friday.
The market breadth was skewed in favour of buyers. Around 2,216 stocks advanced, 1,590 stocks fell, and 125 stocks remained unchanged on the BSE.
