Market ends weak amid selling across sectors
At close, the Sensex was down 820.97 points or 1.03% at 78,675.18, and the Nifty was down 257.80 points or 1.07% at 23,883.50.
The bullishness in the Indian stock markets continued through Friday as the benchmark indices – Sensex and Nifty – touched fresh record highs.
Sensex and Nifty were 0.6-0.7 per cent higher from Wednesday at the time of writing this report. Sensex meanwhile crossed the 64,000 mark and is trading at 64,312 points. Indian stock indices – Sensex and Nifty – last touched their all-time highs Wednesday, with experts attributing it to strong economic parameters including a firm GDP outlook, moderate inflation and strong purchases by foreign investors.
Indian stock exchanges were shut yesterday on account of Bakri Eid (Eid-al-Adha), and normal trading will resume Friday. Indian stock markets will remain closed next on August 15 for Independence Day celebrations.
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“The momentum in the market has picked up again and the undercurrent has the potential to take the benchmark indices to new highs. The global support to the bullishness is coming from the mother market US where the market is resilient supported by better-than-expected Q1 GDP growth of 2 per cent and declining weekly jobless claims,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Going ahead, June auto sales numbers, Q1 company earnings, prthe ogress of the monsoon, and the US Fed monetary policy stance will give a direction to India and the global market.
Vijayakumar, however, noted that market valuations are high now, advicing investors to exercise caution.
Also, the inflation in the US and India which is moderating, but what is to be seen going ahead is whether this trend is sustainable.
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