The Indian equity indices on Friday closed lower majorly dragged by financial services stocks as Bajaj Finserv released its results for Q4 FY2024. Sensex lost 609 points or 0.82% to close the day’s trading at 73,730.16. The Nifty 50 closed 150 points or 0.67% lower at 22,419.95. The gainers included Tech Mahindra, Divis Lab, LTIMindtree, Bajaj Auto, and BPCL. The Indian Volatility Index (India VIX) was up 1.77%.
Flipping the trend, the Nifty Midcap 100 jumped 396 points or 0.79% to finish the session at 50,228.50, near its lifetime high of 50,684.50, which it touched on April 26. Nifty Bank closed the day’s trading 294 points lower at 48,201.05.
On the sectoral front, financial services and banking stocks pushed the indices lower. In the broader indices, smallcap and midcap stocks closed in the green.
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“The unexpected surge of the US core PCE price index, accompanied by weaker-than-forecasted GDP growth and Treasury yield spikes, impacted market sentiments. Investors are concerned about the possibility of a looming recession in the US. Indian market lagged behind its Asian and European peers due to worries over lofty valuations and lacklustre Q4 earnings, fuelling expectations of downward revisions for FY25 earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Despite facing selling pressure from higher levels, the Bank Nifty index managed to defend the crucial support at 48000. The bullish sentiment persists as long as it remains above this level, where significant open interest is concentrated on the put side. Currently, the immediate hurdle lies at 48600, and a decisive breakthrough above this level could pave the way for new all-time highs in the index,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.