The Indian stock market ended the week on a bearish note with both the Nifty 50 and Sensex closing lower on Friday. The Nifty 50 dropped 1.17% or 293.20 points to close at Rs 24,717.70 while the Sensex fell 1.08% or 885.60 points to finish at Rs 80,981.95. For the week, the Nifty 50 shed 0.47% or 117 points and the Sensex lost 0.43% or 350 points
Nifty 50 Weekly Index Chart: TradingView
Despite the weekly dip the overall market outlook remains bullish. Technicals show the market is still making higher highs regularly. Analysis suggest the bullish trend will continue unless the Nifty 50 closes below Rs 24,074 and the Sensex below Rs 79,223.
Looking at individual stocks that remained strong while the entire market was crushing, NTPC Ltd closed at Rs 419.7 dropping 3.75 points or 0.9% on Friday. However, it gained 5.9% for the week.
Bharat Petroleum Corporation finished at Rs 347.1 down 2.00 points or 0.6% for the day but up 5.6% for the week.
Source: Trendlyne
Asian Paints Ltd bucked the trend rising 7.35 points or 0.2% to Rs 3106.7 on Friday and gaining 5.3% weekly.
Divi’s Laboratories saw the biggest daily gain jumping 73.35 points or 1.5% to Rs 4991.3 with a 4.2% weekly increase.
Power Grid Corporation closed at Rs 358.3 falling 2.85 points or 0.8% on Friday but still up 4.1% for the week.
Adani Ports & Special Economic Zone ended at Rs 1588.0 down 2.15 points or 0.1% for the day but gained 2.9% weekly.
Coal India Ltd had the largest daily percentage drop falling 15.90 points or 2.9% to Rs 524.5, though it still managed a 2.9% weekly gain.
Adani Enterprises Ltd closed at Rs 3160.9 declining Rs 56.35 or 1.8% on Friday but up 2.6% for the week.
HDFC Bank Ltd rose Rs 20.35 or 1.2% to Rs 1659.2 on Friday gaining 2.5% for the week.
Bajaj Finserv Ltd finished at Rs 1623.5 down Rs 11.35 or 0.7% for the day but up 2.3% weekly.
Q1 FY24-25 results so far show revenue growth of 11.11% year-over-year and net profit growth of 5.17% for 1,093 out of 4,418 companies reporting. As the results continue being released, we expect market volatility in the coming days as the market tries to find a clear direction, which will be determined by the performance of the small and mid-caps that have not released their earnings reports yet.
