TOP NEWS
- IT Stocks Shine as Accenture’s Stellar Q1 Sparks Optimism
- IGI Shines on Listing Day
- BASF India Gains Nearly 9% Intraday
- Himadri Speciality Chemical: A Pullback After a Spectacular Rally
- Amansa Investment in Preparation for IPO
- Siemens Shares Drop 10% by a few reasons
- Reliance Industries Shares Under Pressure Amid Oil Swap Resumption and Year-End
- Aviation Stocks Under Watch as GST Council Weighs ATF Inclusion
- CPSEs Bounce Back with Strong Profit Growth in FY24
- Piramal Enterprises Plans to Raise ₹2,000 Crore
Overview
After a four-week winning streak, the Indian stock market hit a sharp pause last week, with the bears taking over and sending key indices tumbling. The Nifty 50 index took a significant hit, shedding over 1,100 points to close at 23,587, while the BSE Sensex plunged by more than 4,000 points, ending at 78,041. The Nifty Bank index also didn’t escape the carnage, losing nearly 2,800 points to land at 50,759.
The market’s mood soured further after the Nifty 50 slipped below its crucial 200-day exponential moving average (DEMA) at 23,800, a sign that the bulls may have lost their grip. FIIs have been pulling back from the Indian markets, further complicating the situation for domestic institutional investors (DIIs), who are holding back in anticipation of the 2025 Union Budget. Major index constituents like TCS, Infosys fell by 1-3 percent on Friday, pulling the market benchmark down.
Investors seem increasingly worried about the worsening domestic macroeconomic outlook. There are also mounting indications of a broad economic slowdown. India’s Q2 GDP data marked the weakest growth in nearly two years, revealing that the economy has decelerated for the third consecutive quarter. Following disappointing Q1 and Q2 earnings from Indian corporates, all attention is now focused on the Q3 results.
In a wild ride on Friday, Wall Street’s main indexes powered through volatile trading to finish sharply higher. The Dow Jones soared 801 points, or 1.89%, while the S&P 500 and Nasdaq climbed 1.83% and 1.84%, respectively. Treasury yields pulled back from their highest levels in over six months, helping the stock market regain its footing after a shaky start to the session.
The price of gold fell by ₹710, settling at ₹7,729.3 per gram, Silver – ₹94500 per kg. This dip reflects the cautious sentiment surrounding the markets.