Top Stock Recommendations: Dharmesh Shah of ICICI Securities suggests buying Reliance, Delhivery tomorrow

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Stock Market News: The banking and information technology (IT) stocks prompted the domestic benchmark indices, the Sensex and Nifty 50, to decline 1% each on Friday in reaction to high US inflation statistics earlier this week that dimmed prospects of an early interest rate cut by the Federal Reserve. With both finishing in red, the Pharma Index and the Healthcare Index exhibited most severe hardship among all the sectoral indices.

According to Vinod Nair, Head of Research at Geojit Financial Services, concerns over delayed US rate cuts, rising tensions in the Middle East pushing up oil prices, and muted Q4 earnings forecasts caused Indian markets to consolidated. The 30-share BSE Sensex closed lower by 793.25 points, or 1.06%, at the 74,244.90 level, while the Nifty 50 ended at the 22,519.40 level, down 234.40 points, or 1.03%.

Also Read: Stock market today: Sensex, Nifty 50 fall by 1% each on all-round selloff; investors lose over ₹2 lakh crore in a day The outlook for the market in the coming week will be guided by the major global and domestic economic data, India WPI inflation data and WPI manufacturing data, China GDP growth rate, US Manufacturing Production Index, US Initial Jobless Claims and company earnings. The Nifty 50 surrendered the first three session gains on Friday amid global volatility led by higher US CPI data as participants resorted to profit-taking after a 1,100-point rally over the past three weeks led prices to overbought readings (daily stochastics >85).