On Friday, the Indian stock market saw benchmark indices retreat from their recent highs, primarily driven by a decline in banking and financial stocks. Here are the key details:
- **Sensex and Nifty Performance**: The S&P BSE Sensex closed at 79,032.73, down by 210.45 points, while the NSE Nifty50 ended at 24,010.60, marking a decline of 33.90 points.
- **Sectoral Performance**: The Nifty bank index and Nifty financial services index both experienced declines, down by 0.89% and 0.87% respectively. This was a significant factor contributing to the overall market downturn.
- **Market Analysis**: According to Ajit Mishra, SVP of Research at Religare Broking Ltd., the market traded within a narrow range throughout the day. Initially, positive sentiments were offset by profit-taking in key heavyweights, leading to a marginal decline in the indices. However, sectors like energy, pharmaceuticals, and metals managed to end in positive territory, providing some support to the broader indices.
- **Market Outlook**: Mishra suggested that there could be a period of consolidation in the benchmark indices following recent upward movements. He anticipated support levels around 23,700-23,900 in case of any declines in the near term.
- **Top Gainers**: Dr Reddy's Laboratories emerged as the top gainer with a 2.63% increase, followed by Oil and Natural Gas Corporation (ONGC) with a rise of 2.56%. Reliance Industries also saw a gain of 2.19%, contributing positively to the index.
- **Top Losers**: Axis Bank registered the largest decline among stocks, falling by 1.95%. ICICI Bank and Bharti Airtel followed suit with decreases of 1.86% and 1.82% respectively. Kotak Mahindra Bank and IndusInd Bank also saw declines, dropping by 1.51% and 1.48% respectively.
- **Sectoral Highlights**: While banking stocks were consolidating, sectors such as IT, energy, and FMCG were noted for their resilience and potential to support index movements in the upcoming sessions.
Overall, the day's trading session reflected a cautious market sentiment with selective gains in certain sectors offsetting losses in banking and financial segments. Traders were advised to strategize accordingly amidst expectations of continued market dynamics in subsequent sessions.
