Mumbai, Oct 31 (IANS) The benchmark Indian equity indices ended lower on Friday, marking a weak close to the week as selling pressure was seen across most sectors.
The Sensex fell 466.75 points, or 0.55 per cent, to close at 83,938.71, while the Nifty declined 155.75 points, or 0.60 per cent, to end at 25,722.10.
“Price action suggests that while bulls have temporarily lost momentum, the broader structure remains intact as long as Nifty sustains above 25,660,” analysts said.
“A decisive close below this level could trigger further downside toward 25,400–25,250, whereas a rebound and sustained move above 26,000 will likely reestablish bullish momentum, paving the way for a move toward 26,150–26,300,” they added.
Losses were broad-based, with most Sensex stocks finishing in the red. Only a handful of heavyweights — including BEL, Larsen & Toubro, TCS, ITC, and State Bank of India — managed to stay positive.
On the other hand, major laggards such as NTPC, Kotak Mahindra Bank, Bajaj Finserv, ICICI Bank, and HDFC Bank dropped sharply, with some counters losing up to 3.45 per cent.
The weakness was also visible in the broader markets. The Nifty Midcap 100 index slipped 0.45 per cent, while the Nifty Smallcap 100 declined 0.48 per cent.
Among sectoral indices, only Nifty PSU Bank and Nifty Oil & Gas managed to post gains of 1.5 per cent and 0.07 per cent, respectively.
All other sectors ended in negative territory, with Nifty Metal and Nifty Media emerging as the worst performers, each plunging over 1 per cent.
Analysts said that investors stayed cautious amid weak global cues and profit-booking ahead of the weekend, leading to a broad-based decline across the market.
“Indian equities ended decisively lower after a volatile session, as investors booked profits amid mixed corporate earnings and cautious global sentiment in the backdrop of a strong greenback,” market watchers stated.
“Most sectors closed in the red, pressured by renewed FII selling which have turned cautious after Powell’s hawkish statement and US-China trade development did not meet expectations,” they added.
Buy on dips is expected to stay as a trading strategy as optimism remain solid on a QoQ basis, as per the experts.
–IANS
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