Stock Market Today: Nifty Slips Below 25,200 Support, Sensex Drops Over 700 Points; TCS, Auto Stocks Drag

The benchmark indices ended lower this week, primarily dragged down by the Nifty IT, Media, and Metal sectors. Titan suffered a fall of over 8% this week within the Nifty, followed by HCL Tech and Apollo Hospitals. In contrast, HUL and Kotak Mahindra Bank were the top gainers in the Nifty. Nifty IT was the week's biggest losing sector.

Within Nifty IT, Persistent Systems and HCL Tech recorded the most substantial declines this week. Nifty FMCG, however, bucked the trend, gaining 2% for the week, with HUL and Godrej Consumer leading the advances. In Nifty Bank, Kotak Mahindra Bank and IndusInd Bank posted the largest gains, while Federal Bank and IDFC First Bank experienced the most significant losses.

On a broader scale, BSE fell over 10% for the week, making it the top loser in the Nifty Midcap 150. Similarly, MCX declined by more than 9% for the week, positioning it as the top loser in the Nifty Smallcap 250.

All sectoral indices, with the sole exception of Nifty FMCG, closed lower this week. Nifty Pharma, PSU Banks, Metals, and Media snapped their two-day gaining streaks. Additionally, Nifty Bank, Financial Services, and Auto recorded declines for the second consecutive day, while Nifty Oil and Gas and Realty extended their losses for the third consecutive day.

Rupee closed 16 paise weaker against US dollar at 85.80. For the week, the local currency fell 0.5%, according to Bloomberg data.

The Nifty 50 on Friday closed 0.81% or 205 points lower at 25,149. The Sensex also closed 698 points lower at 82,500. Benchmark fell for the 3rd consecutive day.

IREDA fell more than 5% after its Q1 results while TCS fell over 3% after Q1 results. The tech giant was the top loser in Nifty IT and the Nifty 50.

At market close, nearly all sectoral indices experienced losses, with the exceptions of Nifty FMCG and Pharma. Nifty IT and Auto sectors recorded the most significant declines during the trading session. Within Nifty IT, TCS and Wipro were the primary contributors to the fall, while Mahindra and Mahindra and TVS Motors saw the largest drops in Nifty Auto. HUL emerged as the top gainer in both the Nifty and Nifty FMCG, climbing over 4% for the day.

In Nifty Pharma, Glenmark Pharma registered the highest gains. Nifty PSU Bank and Media indices extended their decline for the fifth consecutive day. Nifty Bank and IT also saw their losing streak reach three consecutive days, while Nifty Financial Services and Auto experienced declines for the second consecutive day. Furthermore, Nifty Oil and Gas concluded its third consecutive day of losses.

DAX was down 0.96% and was trading at around 24,220.71 while the FTSE 100 was down 0.47% at levels close to 8,933.08. The CAC 40 Index was also trading 0.88% in the red, trading at 7,832.40 levels.

At 3:21 p.m., futures contract of Dow Jones was down 0.62% to 44,632, that of S&P 500 was also 0.57% down at 6,288.50, and Nasdaq 100 futures contract was 0.55% down at 22,893.