Indian stock market ended in red on Friday. The BSE Sensex witnessed a fall of 366 points, ending at 64,887, while Nifty 50 declined by 121 points to 19,266.

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Additionally, Nifty 50 dropped for the fifth week in a row but investors richer by Rs 3.12 lakh crore. This was because broader markets outperformed. Midcap index was up 2 percent for the week.

Bajaj Finserv, Asian Paints, Bajaj Finance, ONGC were the top gainers on the Nifty 50, while losers are Dr Reddy's Laboratories, Adani Ports, Adani Enterprises and Larsen and Toubro.

All the sectoral indices ended in the red with capital goods, FMCG, PSU Bank, metal, realty, power down 1 percent each.

Notable stock movements

IT stocks faced a slip, driving Nifty IT down by 1 percent.

The downward trend extended to various sectors with Nifty Bank losing 265 points, settling at 44,231, and the Midcap Index retreating by 318 points, closing at 38,471.

In a positive turn, Bajaj Finserv and Bajaj Finance emerged as top Nifty gainers, propelled by a positive brokerage note.

Tata Motors, however, experienced a sharp fall from its highs due to reports about potential reductions in electric vehicle import taxes.

Across the board, Adani Group stocks faced cuts ranging from 1 percent to 3 percent, with Ambuja emerging as the top loser.

GMR Airports, after a period of growth, witnessed profit booking, resulting in a 5 percent decline in its stock value.

Vodafone Idea, on the other hand, surged by 10 percent as the company reported fewer customer losses in June compared to May.

Indiabulls Housing Finance witnessed a boost of 9 percent as it initiated a repayment of Rs 2,232 crore.

Birlasoft concluded the session with a nearly 2 percent gain following a positive brokerage note.

Escorts sustained its upward trajectory, reaching a record high and closing the Friday session with a gain of over 2 percent.

Market this week

the market declined for the fifth consecutive week, marking the first instance since May 2022. Amid this, midcap stocks stood out, outperforming benchmarks with a 2 percent surge in the Midcap Index.

Pharma and PSU Bank sectors faced significant setbacks, each declining by 2 percent. Among Nifty stocks, 25 gained while 25 suffered losses. Reliance Industries, Adani Ports, and Adani Enterprises were top losers.

Bajaj Finance, Axis Bank, Bajaj Finserv, and Asian Paints were top Nifty gainers. In midcaps, Manappuram, Union Bank, Syngene, and Ambuja recorded losses, while GMR Airports, Vodafone Idea, Firstsource, and Sun TV displayed resilience as gainers.

Expert view

"Domestic markets came under pressure after RBI meeting minutes showed concern over rising inflation and outlook over excess liquidity. Also, investors were cautious ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. We continue to expect Nifty to be in a narrow range due to lack of positive triggers. In the meantime, niche mid and small cap sectors are likely to remain in action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

"Bank Nifty's performance varied over the week, but it managed to break its four-week losing streak and demonstrated relatively better performance compared to the benchmark index. The price range seems to have entered a consolidation phase, with the base slightly shifting upward with buying interest seen at lower levels. Immediate support is noted around 43800 – 43600, while immediate resistance is seen at 44500 – 44800. Notably, 45000 acted as a strong barrier throughout the August month, and breaking this level convincingly could only trigger positive momentum. Key heavyweights exhibit inherent strength, and a fresh buy signal is evident in the RSI smoothened indicator, fostering optimism. Expectations are for dips during the monthly expiry week to likely attract buying interest. Traders are hence advised to monitor the provided levels and trade accordingly," said Rajesh Bhosale, Technical Analyst at Angel One.

First Published:Aug 25, 2023 3:41 PM IST