The Indian stock market ended the week on a bearish note, with both major indices closing lower. The Nifty 50 dropped 292.95 points (1.17%) on Friday to close at 24,852.15, resulting in a weekly loss of 1.52% or 383 points. Similarly, the BSE Sensex fell 1,017.23 points (1.24%) on Friday, closing at 81,183.93 and recording a weekly decline of 1.43% or 1,181 points. The Nifty Bank index also saw significant losses, dropping 896.20 points (1.74%) to 50,576.85 on Friday.
Nifty 50 Weekly Chart: TradingView
The bearish engulfing pattern observed in both Nifty 50 and BSE Sensex suggests a potential continuation of the downward trend in the coming week.
Coal India Ltd experienced the most substantial weekly loss among the top losers, with a 6.9% decline. On Friday, the stock closed at 488.6, down 8.45 points (1.7%) for the day.
Top Weekly Losers: Trendlyne
Oil and Natural Gas Corporation (ONGC) saw its stock price fall by 6.6% over the week. Friday’s trading session ended with the stock at 308.8, down 2.60 points (0.8%).
Tata Motors Ltd. faced a 5.6% weekly decline. The stock closed Friday’s session at 1049.4, dropping 19.80 points (1.9%) on the day.
Dr. Reddy’s Laboratories experienced a 5.2% weekly loss. Friday’s closing price was 6667.2, down 28.60 points (0.4%) for the day.
NTPC Ltd. saw its stock value decrease by 5.1% over the week. On Friday, it closed at 394.8, losing 8.45 points (2.1%).
Hindalco Industries recorded a 4.9% weekly decline. The stock ended Friday at 667.1, down 2.85 points (0.4%) for the session.
Eicher Motors Ltd. experienced a 4.2% weekly loss. Friday’s closing price was 4752.5, with a daily decrease of 47.60 points (1.0%).
State Bank of India saw its stock value drop by 4.1% over the week. It closed Friday at 782.5, down 36.25 points (4.4%) for the day.
Mahindra & Mahindra Ltd. faced a 3.8% weekly decline. The stock ended Friday at 2698.1, losing 25.00 points (0.9%) in the session.
Larsen & Toubro Ltd. recorded a 3.5% weekly loss. On Friday, it closed at 3574.8, down 49.40 points (1.4%) for the day.
The market’s bearish trend has affected a wide range of sectors, from energy to automotive and banking. It’s worth noting that several stocks’ technical analyses and setups have been discussed in this week’s reports. Be sure to check them out for potential targets and insights that could guide your investment decisions in the coming week.
