Worst weekend amid volatile trades
Friday ended the worst week of the calendar with another fall. The Indian market closed in the negative for the sixth consecutive session after a two-way intra-day slump amid mixed sentiment in global markets. The BSE Sensex was down 135 points at 51,360 while the Nifty was down 67.10 points at 15,293.50. Out of 50 component counters of Nifty, only 12 counters were showing positive closure. While 38 counters turned negative. The volatility index India Weeks saw a slight decline.
Prevalence was viewed as negative due to a lack of takers in the broader market. A share was bought against a further decline of the two shares. The week that was about to end for the domestic market was extremely negative. From the first day of the week till the last day it was gradually decreasing. During the past two seasons, they recorded new annual lows. Benchmark Nifty fell below 15,300 level. The Indian market outperformed the global market. According to market analysts, the index is trading slightly below key support. Despite being oversold in the near term, short covering is not supported and they are forming a fresh bottom after a minor consolidation. 15,100 level is very important support for Nifty. Which, made the video an overnight sensation.
On Friday, there was heavy selling in the defensive areas in the market. The Nifty Pharma index lost over 2 per cent. Barring Alkem Laboratory, all pharma counters were showing a decline. In which Dr. Reddy’s Laboratories indicated the biggest decline with 3.28 percent. Apart from this, Cipla was down 2.8 per cent, Sun Pharma 2.6 per cent, Biocon 2.4 per cent, Davis Labs 2.4 per cent and Zydus Life 2.2 per cent. Nifty IT fell up to 1.5 per cent and traded at year’s low. Barring 2.42 per cent correction in Coforge alone, all counters in the index were trading in the red zone. In which emphysema broke more than 5 percent. Wipro was down 4 per cent, TCS 1.7 per cent, L&T Technology 1.53 per cent, L&T Inftech 1.4 per cent and Mindtree down 1.22 per cent. Nifty Auto index fell 1.2 per cent. Hero MotoCorp was down 2 per cent, Tube Investment was down 2 per cent, Maruti Suzuki 1.9 per cent and Eicher Motors was down 1.8 per cent. Nifty FMCG was also down 1 per cent. Jubilant Foods was the top loser with a decline of 4 per cent. Varun Beverages declined by 3.61 per cent, Dabur India by 2.5 per cent, Colgate by 2.4 per cent and Marico by 2.4 per cent.
The benchmark was negative despite Bajaj Brothers, Coal India, JSW Steel, Apollo Hospitals, ITC, ICICI Bank, Reliance Industries and HDFC closing positive on the Nifty counters. All these counters showed improvement in the range of 0.8 per cent to 3 per cent. On the other hand, Wipro, HDFC Life, Shree Cement, BPCL, Dr Reddy’s Labs and Asian Paints fell up to 6 per cent.