STOCK MARKET

Markets Continue to Slide: Sensex Falls 300 Points, Nifty Below 23,900

STOCK MARKETS

Share Market News Today, Stock Market Updates: Foreign Institutional Investor (FII) buying seen in early December is now reversing, with this week’s FII outflows reaching Rs 12,229 crore.
Share Market News Today, Stock Market Updates: The BSE Sensex extended its losses on Friday, declining by 305 points to trade at 78,899 in early trading, while the Nifty slipped 80 points to 23,882. Amid the broader market weakness, IT stocks earlier emerged as the bright spot, buoyed by Accenture’s robust quarterly earnings, but later succumbed to the market pressure.

Read More: ITC-ITC Hotels Demerger: Company Announces Record Date For Shareholders – Details

However, the markets saw a sharp brief recovery at around 9:45 am before hitting the day’s low levels.

Of the 30 Sensex components, 25 were trading in the red. The biggest laggards included Axis Bank, Tech Mahindra, UltraTech Cement, ITC, and JSW Steel, which dropped by up to 2.40%.

Read More: Sanathan Textiles IPO Day 1: Check GMP, Subscription Status, Price, Lot Size

On the upside, Titan, NTPC, Bharti Airtel, Bajaj Finance, TCS, and Infosys were the gainers, rising as much as 0.93%. The IT and chemicals sectors stood out as the leading performers in Friday’s session.

FIIs also continue to sell equities in the Indian market. On Thursday, FII had pulled out Rs 4,224.92 crore from the Indian equities, while DII had pumped in Rs 3,943.24 crore.

Read More: NACDAC Infrastructure IPO subscribed 896 times on day 3. Check GMP and other details

Expert Insights

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted, “The Foreign Institutional Investor (FII) buying seen in early December is now reversing, with this week’s FII outflows reaching Rs 12,229 crore. Large-cap financials are bearing the brunt of this selling pressure. However, this trend may not last, and retail investors can consider adopting a contrarian approach. Quality large-caps are likely to rebound soon.”

He further highlighted the resilience in the pharmaceutical sector and the strength in IT stocks, supported by Accenture’s positive results and guidance. “Generative AI is turning into a significant profit driver for IT companies,” he added.

“The Fed’s recent commentary caused a short-term negative market reaction, but recovery led by large-caps is probable in the near term,” Vijayakumar stated.

Technical Outlook

Anand James, Chief Market Strategist at Geojit Financial Services, shared his technical perspective. “The presence of several moving averages near the 23,859 level encouraged optimism for a recovery yesterday. While a pullback is anticipated today, a downward turn from the 24,070-24,100 range is likely. Sustained trade above 23,950 after any decline will be crucial for further recovery,” he said.

Global Market Cues

Asia

Asia-Pacific markets opened mixed on Friday as investors digested Japan’s inflation figures and awaited China’s upcoming interest rate decision. Early indicators from Gift Nifty pointed to a negative start for Indian markets.

Read More: Concord Enviro IPO Day 1: Check Subscription Status, GMP Today

US and Europe

In the US, major indices closed nearly flat on Thursday. The Dow managed a marginal gain, breaking its ten-session losing streak, while the S&P 500 and Nasdaq edged down by approximately 0.1%.

European markets slumped on Thursday, reacting to the U.S. Federal Reserve’s guidance that fewer rate cuts might be on the horizon.

Source :
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top