Indian Stock Market Today: Nifty, Sensex Record Worst Week In Nearly Eight Months
The Nifty 50 and Sensex ended lower for six sessions in a row, posting the worst week since March. On a weekly basis, the Nifty 50 and Sensex snapped a three-week winning streak. The NSE Nifty Midcap 150 and the NSE Smallcap 250 underperformed benchmark indices.
Nifty and Sensex Performance
The Nifty 50 and Sensex have been under pressure for the past six sessions, with the Nifty 50 falling by over 4% and the Sensex declining by over 3% during this period. This decline has resulted in the worst week for both indices since March.
The Nifty IT index has entered a bear market, dropping more than 20% from the peak it touched on Dec. 13, 2024. Yet despite the selloff, most of the companies in the basket continue to command valuations above the sector’s own multiple.
Top Losers in Nifty 50
Tech Mahindra and TCS fell the most in Nifty, with Tech Mahindra falling over 9% for the week and TCS falling over 8% for the week. Other major losers in the Nifty 50 include Infosys, HCL Technologies, and Wipro, which have logged declines between 20% and 25%.
Nifty Midcap 150 and Nifty Smallcap 250 Performance
The Nifty Midcap 150 fell over 4% for the week, with Coforge and Mphasis falling the most. The Nifty Smallcap 250 also fell over 4% for the week, with Caplin Point and Avanti Feeds falling the most.
Caplin Point, Avanti Feeds, Redington, Sumitomo Chemical, and Balrampur Chini Mills fell over 10% for the week, making them the top losers in the Nifty Smallcap 250.
Sectoral Indices Performance
Nifty IT fell over 7% for the week, with Coforge and Mphasis falling the most. Nifty Realty, Pharma, and IT fell over 5% for the week, while all sectoral indices fell over 1% for the week.
Rupee Performance
The rupee closed 5 paise weaker at 88.72 against the greenback, compared to its previous close of 88.67 per dollar.
Company News
Welspun Corp received additional orders cumulatively valued at Rs 1,600 crore for its India line pipe facility. The company’s current consolidated global order book stands at Rs 18,000 crore.
Nifty PSU Banks snapped a three-week gaining streak, while Nifty Oil and Gas and Pharma fell for the fifth week in a row.
Market Outlook
The Indian stock market is expected to remain volatile in the coming week, with investors keeping a close eye on the upcoming earnings season. The Nifty 50 and Sensex are likely to remain under pressure, with the Nifty IT index being a major concern for investors.
Investors are advised to remain cautious and keep a close eye on the market trends before making any investment decisions. It is also important to diversify your portfolio and invest in a mix of large-cap, mid-cap, and small-cap stocks to minimize risk.
Conclusion
In conclusion, the Indian stock market has recorded its worst week in nearly eight months, with the Nifty 50 and Sensex falling by over 4% and 3% respectively. The Nifty IT index has entered a bear market, and investors are advised to remain cautious and keep a close eye on the market trends before making any investment decisions.
For more information on the Indian stock market and to stay up-to-date with the latest news and analysis, please visit our website.
