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The drop in the market this week led to a loss of ₹18.5 lakh crore in investor wealth.
48 out of the 50 Nifty stocks ended the week with losses. Dr. Reddy’s and Cipla were the only two gainers on the index, while Shriram Finance (down 9%), Tata Motors (Down 8.4%) and JSW Steel (Down 8.25%) were among the worst performers on the index for the week.
The Sensex ended with losses of nearly 1,200 points.
An upward revision in the revenue growth guidance by US-based information technology player Accenture Plc could not help Indian IT stocks sustain its early gains on Friday. The Nifty IT index dropped 2.6% on Friday and shed nearly 5% for the week. Heavyweights like Tech Mahindra, LTIMindtress, L&T Technology Services and TCS were the worst performers amongst in the sub-index, losing between 2.2% and 6.3%.
Some stocks on the Nifty 50 also hit 52-week lows, like IndusInd Bank, Reliance Industries, Tata Consumer Products.
The hawkish outlook from the US Federal Reserve on fewer than expected interest rate cuts in 2025 spooked global markets and Indian equities too bore the brunt of the sell-off.
The Nifty 50 index has also closed below its 200-Day Moving Average (DMA) post this fall.
“The market has been going through a little bit of turmoil, and we have seen a good, decent connection. So technically speaking, we are once again at a crucial support level of 23,750 so hopefully we should get a little bit of a bounce.
But conviction is only about 24,100 that the trend is improving till then we call it a bounce back. But in case, these levels do not hold, then I think that is a further slide towards 23,200 to 22,500 so it is very hard to tell whether we are bottoming out or if still downside is still likely,” said Vaishali Parekh of Prabhudas Lilladher.
On Thursday, foreign investors were net sellers in the domestic market for the fourth consecutive session. They net offloaded ₹2.25-billion worth of equities, according to data on the National Stock Exchange, BSE, and the Metropolitan Stock Exchange of India.
Expensive valuations, coupled with the anticipation of a slower pace in interest rate cuts by the US Fed, have been denting the sentiment in the market. However, experts are betting on a pick-up in the government’s capital expenditure cycle, which is seen gaining traction in the remaining part of the financial year.
