India's benchmark equity indices recorded their worst weekly loss in over two years amid rising tensions in the Middle East. Globally, market participants are awaiting the release of US payroll data for September.
Both the Nifty and Sensex fell more than 4% this week, their worst fall since the week ended June 13, 2022, led by losses in Hero MotoCorp, Shriram Finance, and Axis Bank.
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Friday's session was volatile as the benchmarks saw big swings from an intraday high of 1% to a fall of 1%. The NSE Nifty 50 closed 0.79%, or 200.25 points, lower at 25049.85, and the BSE Sensex fell 0.98%, or 808.65 points, to close at 81688.45.
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Iran's Supreme Leader, Ayatollah Ali Khamenei, in a sermon delivered before the Friday congregational prayers in Tehran, warned of another strike of Israel "if needed".
"The pessimism on the market is expected to continue in the near term amidst rising crude prices and fund flows to cheaper markets like China," said Vinod Nair, head of research at Geojit Financial Services. "Crude prices have moved up sharply but may be restricted due to an increase in production from OPEC+," he said.
"Technically, on the daily chart, the index formed a large red candle, signalling weakness," said Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C. Mehta Investment Intermediates Ltd.
"However, the (Nifty) index has managed to hold the psychological support of 25,000 and close near 50-DSMA support of 25,030," Yedve said. "On the downside, the short-term swing support of 24,750 will act as a key support. If index manages to defend 24,750, then relief rally towards 25,500 could be possible."
Shares of HDFC Bank Ltd., Reliance Industries Ltd., Nestle India Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. dragged the Nifty. While those of Infosys Ltd., Axis Bank Ltd., Tata Motors Ltd., Oil & Natural Gas Corp. Ltd., and Tata Consultancy Services Ltd. cushioned the fall.
Broader markets declined in line with the benchmark indices. The BSE Midcap and Smallcap ended 0.94% and 0.80% down, respectively.
On BSE, 19 sectors declined out of 20 with the BSE FMCG emerging as the top loser. The BSE IT was the only sector which rose.
Market breadth was skewed in favour of sellers. Around 2,479 stocks declined, 1,579 stocks advanced, and 110 stocks remained unchanged on BSE.
Weekly Performance
This week, both the Nifty and Sensex closed 4.5% lower and most sectoral indices ended lower. Only Nifty Metal gained.
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