The stock market experienced a heavy pullback on Friday to end the week bearish with the BSE Sensex falling 738.81 points or 0.91% to close at 80,604.65 and the Nifty 50 dropping 269.95 points or 1.09% to end at 24,530.90. This drop was witnessed after both indices hit fresh all-time highs earlier in the day based on their stocks’ Q1 earnings report with the Sensex touching 81,587.76 and the Nifty reaching 24,854.80
Nifty 50 Index: TradingView
Among the top losers, Tata Steel saw its stock price fall from an opening of 166.00 to a low of 157.20 before closing at 158.10 down 4.97% from the previous close of 166.36.
Source: NSEIndia
JSW Steel also faced significant downtrend pressure opening at 927.00 and dropping to 886.55 before settling at 887.90 a 4.68% decline from its previous close of 931.45.
BPCL opened at 318.15 but fell to 301.80 during the day ending at 305.50, down 3.98% from its previous close.
Hindalco Industries started at 683.90, hit a high of 685.70 but ultimately closed at 663.00 which was a 3.91% drop from the previous day’s 689.95.
ONGC shares opened at 333.00, reached a high of 333.20 but closed lower at 320.30 down 3.44% from the previous 331.70.
Coal India began the last day of the week at 505.30, touched 506.40 but ended the day at 488.00 which was a 3.41% decrease from its last close.
NTPC opened at 377.75 hit 378.00 but closed at 364.90 down 3.40% from the previous 377.75.
Tata Motors started at 1,024.00, remained flat at its high, but closed at 990.80, a 3.29% decline from 1,024.55.
Ultratech Cement opened and reached a high of 11,645.00 but closed at 11,272.50 down 3.22% from 11,647.25. Wipro began at 579.90 matching its high but ended at 557.00, a 2.83% drop from the previous 573.20.
Most of these stocks dropped after the reports released on the week failed to meet targets. Despite the losses from the day the overall market still remains positive with Q1 FY24-25 results from 160 out of 4,414 companies showing a 8.28% year-over-year increase in revenue and a 10.26% rise in net profit.
