edged lower amid excessive volatility and lost over one and a half per cent, tracking feeble global cues. The tone was negative from the beginning, which further deteriorated with a decline in world indices however rebound on Friday trimmed some losses. Benchmark indices Nifty 50 and Sensex, settled at 22,147 and 73,088.33 levels respectively.
Nifty 50 and Bank Nifty snapped their four-week rising streak amidst escalating geopolitical tensions in the Middle East. Also Read: IT jobs FY24 review: Headcount crashes by 63,759 in TCS, Infosys, and Wipro; attrition down sequentially US-rate sensitive IT stocks dropped 4.71 per cent over the week, their second worst week in 12 months, on fading hopes of early US rate cuts and softer reports from market leaders TCS and Infosys. Overall, all the key sectors felt the heat wherein IT, realty and banking were among the top losers.
The broader indices also witnessed pressure and shed in the range of 1.4 per cent-2.7 per cent. ‘’Optimism prevailed with hopes of limited prospects of escalation in Iran-Israel tensions. However, the domestic market failed to offset the losses sustained throughout the week.
Globally, caution persisted as the situation in the Middle East remains fragile,'' said Vinod Nair, Head of Research, Geojit Financial Services. ‘’Mid- and small-cap stocks also corrected, highlighting concerns over premium valuations. Muted Q4 earnings expectations and weak IT results could extend the consolidation.
Read more on livemint.com