The week ended on October 18, with the Nifty 50 and the Sensex closing 0.44% and 0.19% lower, respectively.
On Friday, the BSE Sensex and NSE Nifty 50 ended a three-session losing run, following increases in the stocks of Axis Bank Ltd. and ICICI Bank Ltd.
The Sensex closed 218.14 points, or 0.27% higher, at 81,224.75, while the Nifty 50 finished 104.20 points, or 0.42% higher, at 24,854.05. The Nifty 50 fell as much as 0.74% to 24,567.65 during the day, while the Sensex also fell by 0.74% to 80,409.25.
As investors turned to value purchasing in banking, metals, and real estate stocks—all of which had experienced a severe decline in previous sessions—the stock markets recovered from their three-day decline. According to Prashanth Tapse, senior vice president of research at Mehta Equities Ltd., caution has been prompted by geopolitical uncertainty, the slowdown of the Chinese economy, and the ongoing withdrawal of foreign institutional investors from the domestic markets.
Nifty Closes Lower for the Third Straight Week
Leading the gains in the Nifty 50 were ICICI Bank Ltd., Axis Bank Ltd., HDFC Bank Ltd., Tata Motors Ltd., and NTPC Ltd.
The companies with the largest weights on the index were Infosys Ltd., Asian Paints Ltd., ITC Ltd., Britannia Industries Ltd., and Hindustan Unilever Ltd.
The BSE MidCap closed 0.2% higher and the SmallCap ended 0.16% lower, resulting in a mixed performance for the larger indices.
Of the 20 sectoral indices on the BSE, 13 saw increases and seven saw declines; Bankex saw the largest increase.
In a notable turn of events, both the Nifty and Sensex indices broke their three-day losing streak, yet still finished the week on a lower note.
- Nifty and Sensex Performance: After a series of declines, both indices managed to post gains on the last trading day of the week. However, overall weekly performance showed a decline compared to previous weeks.
- Sector Performance: Some sectors, like IT and healthcare, showed resilience, contributing to the day’s recovery. In contrast, others, like real estate and consumer goods, continued to face pressure.
- Market Sentiment: Investor sentiment remained cautious due to ongoing economic concerns and geopolitical tensions, impacting broader market confidence.
- Global Cues: International markets displayed mixed trends, which influenced local investor decisions, adding to volatility.
- Looking Ahead: Analysts suggest that upcoming economic data and corporate earnings reports will be crucial for the market direction in the coming week.
Overall, while the indices managed a slight uptick to end the losing streak, underlying concerns remain that may influence future market movements.