The S&P BSE Sensex closed 694 points lower at 81,306.85, while the NSE Nifty50 declined by 213.65 points to end at 24,870.10. Benchmark stock market indices fell sharply on Friday, finishing the week in the red as broad-based selling dominated Dalal Street. Investor sentiment remained cautious ahead of the US policy announcement.
Vinod Nair, Head of Research at Geojit Investments Limited, noted that concerns rose as the US Federal Reserve Chair’s speech at the Jackson Hole symposium is expected to shape the outlook on global liquidity and interest rates. He also highlighted that the US using trade tariffs on India as a strategic move in its stance against Russia has created near-term pressure on institutional investors. However, strong domestic indicators such as a record-high PMI and proposed indirect tax reliefs continue to reinforce India’s economic resilience.
Among the top gainers were Mahindra & Mahindra, which rose 0.79%, followed by Maruti Suzuki up 0.65%, Sun Pharmaceutical Industries gaining 0.20%, Bharat Electronics adding 0.19%, and Bharti Airtel up 0.14%. On the losing side, Asian Paints fell 2.44%, UltraTech Cement dropped 1.94%, ITC slipped 1.84%, Tata Steel was down 1.83%, and HCL Technologies declined 1.68%.
Sector-wise, Nifty indices mostly ended in the red. Nifty Auto slipped 0.19%, Nifty Financial Services fell 0.85%, Nifty FMCG dropped 1.00%, Nifty IT declined 0.79%, Nifty Metal was down 1.25%, Nifty PSU Bank lost 1.12%, Nifty Private Bank shed 1.06%, and Nifty Realty fell 0.84%. Nifty Oil & Gas also declined 0.83%. On the positive side, Nifty Media gained 0.95%, Nifty Pharma rose 0.39%, Nifty Healthcare Index added 0.11%, and Nifty Consumer Durables was up 0.10%.
Ajit Mishra, Senior Vice President, Research at Religare Broking Ltd, said that technically, the Nifty index is approaching its key short-term support at the 20-day EMA around 24,800. A decisive break below this level could lead to a deeper correction toward the 24,600 mark. On the upside, 25,100 to 25,250 remains the immediate resistance zone.
For the next session, banking and IT stocks are expected to show weakness, while autos and select cyclical stocks may provide stock-specific opportunities. Market direction will largely depend on global cues and fund flow trends in the near term.
