Stock Market Live Updates: Sensex reclaims 77,000 but still down 1,900 pts; Nifty below 23,900; auto, oil & gas, PSU Banks top drags
Pravesh Gour, Senior Technical Analyst at Swastika Investmart
Indian equity markets closed the week on a weak note, marking the second consecutive week of losses as escalating tensions in West Asia weighed heavily on investor sentiment. Benchmark indices Sensex and Nifty declined nearly 3% each, registering their biggest weekly fall in more than a year. The overall market breadth remained negative, with 41 stocks from the Nifty index ending the week in the red, highlighting the widespread selling pressure across sectors.
The decline was largely driven by rising geopolitical tensions involving the United States, Israel and Iran, which triggered risk aversion in global markets and pushed crude oil prices sharply higher. Higher energy prices raised concerns about inflation and India’s import bill, creating additional pressure on equities. Financial stocks emerged as the biggest laggards during the week, contributing significantly to the benchmark indices’ decline.
Out of the four trading sessions during the week, markets fell on three days and advanced only once, reflecting a cautious and defensive approach among investors. Persistent foreign institutional investor (FII) outflows and a weakening rupee further dampened market sentiment. Although the market witnessed a brief recovery on Thursday supported by bargain buying and slightly improved global cues, the relief rally proved short-lived. In the final trading session of the week, equities again came under heavy selling pressure as crude oil prices surged further and global uncertainty remained elevated, leading markets to end the week with substantial losses
Nifty is taking support near 24300 but remains highly volatile. On the upside, the 24,900–25,000 range is expected to act as an immediate supply zone, where selling pressure could emerge if the index attempts a recovery. On the downside, 24,300 remains the first key support, and if the index slips below this level, 23,800 will be the next important support area that traders will closely monitor.
Banknifty is trading below 100-DMA but finding support near 200-DMA. On the upside, 59,000 and 59,500 are likely to act as immediate resistance levels, where the index may face selling pressure during any bounce. On the downside, if 57,500 break decisively, the index could extend its decline toward the 56,700 level.
