The Indian stock market faced a significant downturn on Friday. The Sensex shed 885.60 points, or 1.08%, to reach Rs 80,981.95, while the Nifty 50 dropped 293.20 points or 1.17% to Rs 24,717.70. The Nifty Bank index also declined by 213.85 points or 0.41% to Rs 51,350.15. This bearish trend comes amid mixed Q1 results raising concerns about sustaining current market valuations.
Nifty 50 Daily Chart: TradingView
Despite the day’s losses technical analysis suggests the market remains bullish overall with both indices having broken higher highs recently. The bullish outlook is expected to continue unless the Nifty 50 closes below 24,074 and the Sensex below 79,223
Looking at individual stocks, Eicher Motors saw a decline of 5.15% opening at Rs 4,884.00 and reaching a high of Rs 4,884.00 before falling to a low of Rs 4,691.55. The stock’s previous close was Rs 4,968.80 as it closed at Rs 4,713.00.
Tata Motors dropped 4.32% opening at Rs 1,120.00 and hitting a high of Rs 1,120.00 before dipping to Rs 1,090.05. Its previous close was Rs 1,144.40 with a current trading price of Rs 1,095.00.
Maruti Suzuki India fell 4.06% starting the day at Rs 13,126.00 and reaching a high of Rs 13,174.90 before touching a low of Rs 12,673.05. The stock closed yesterday at Rs 13,359.05 and today at Rs 12,697.10
JSW Steel declined by 3.91% opening at Rs 919.90 and hitting a high of Rs 923.85 before falling to Rs 896.00. Its previous close was Rs 934.55 and it closed at Rs 898.00.
Hindalco Industries saw a 3.89% drop starting at Rs 659.80 and reaching Rs 665.60 before falling to Rs 646.55. The stock closed at Rs 673.50 yesterday and today it closed at Rs 647.30.
Wipro decreased by 3.75% opening at Rs 515.00 and hitting a high of Rs 519.25 before touching a low of Rs 501.00. Its previous close was Rs 521.55, with a closing price of Rs 502.00 today.
Larsen & Toubro Infotech fell 3.41% starting at Rs 5,585.00 and reaching Rs 5,667.95 before dipping to Rs 5,480.00. The stock closed at Rs 5,678.90 yesterday and today at Rs 5,485.00.
Oil and Natural Gas Corporation declined 3.34% opening at Rs 338.00 and maintaining that level as its high before falling to Rs 328.65. Its previous close was Rs 341.75 and closed trading at Rs 330.35.
Larsen & Toubro dropped 3.21% starting at Rs 3,730.35 and hitting a high of Rs 3,748.90 before touching a low of Rs 3,657.10. The stock closed at Rs 3,779.30 yesterday and today at Rs 3,657.90.
Coal India saw a 2.91% decrease opening at Rs 534.00 and reaching Rs 537.20 before falling to Rs 522.30. Its previous close was Rs 540.40 with a current closing price of Rs 524.65.
