November Clocks Highest Sales In India's Automobile History: FADA

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At close, BSE Sensex was down 389.01 points or 0.62 per cent at 62,181.67 and NSE Nifty slipped 118.50 points or 0.64 per cent to end at 18,490.85.

Mumbai: Indian equity markets felt the heat of late-hour selling on Friday as investors seemed to have gone concerned ahead of the weekend.

At close, BSE Sensex was down 389.01 points or 0.62 per cent at 62,181.67 and NSE Nifty slipped 118.50 points or 0.64 per cent to end at 18,490.85.

EXPERTS’ CORNER

“Profit taking was back in action as investors dumped IT, metal and realty stocks, even as benchmark Sensex still managed to end above the psychological level of 62000 mark. The recent trend indicates that markets may continue to exhibit intra-day volatility as investors keenly await the outcome of the US Fed’s decision on interest rate next week. More than the rate hike, investors would be more interested in knowing about the forward looking statement on inflation and rate decision going ahead. Technically, the lower top formation on intraday charts and bearish candle on weekly charts is indicating further weakness from the current levels. For short-term traders, the 20-day SMA (Simple Moving Average) or 18450 would act as a sacrosanct support zone, above which, we could expect a one pullback rally till 18700. In case of any further upside, the index could move up to 17800. On the flip side, below 20 day SMA or 18450, further sell off is possible till 18300-18200,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.

“Equity markets in India posted negative returns this week. Key indices like BSE Sensex, Nifty 50, BSE Midcap and BSE Smallcap ended the week in the red. Amongst sectors, the performance was mixed. BSE IT, BSE Healthcare and BSE Power indices reported sharp declines this week. On the other hand, BSE FMGC, BSE Capital Goods and BSE Bankex saw marginal gains. FPI’s have been net sellers of Indian equities during the week. Domestic markets reacted to 35 bps repo rate hike by the RBI MPC. The RBI MPC expressed optimism on growth but tackling inflation will likely be a key focus. Oil prices saw a sharp decline this week and that is positive for India. Impact of easing of covid restrictions by China needs to be watched out. In the US, the 10 year treasury yields have seen a steady decline over the past few weeks. The 10 year US treasury yield is now below 3.5% compared to a high of 4.22% in November 2022. Globally, markets are now awaiting US FOMC rate hike action and commentary in their scheduled meeting next week”, said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.